The price of petrol and diesel were hiked for the ninth consecutive day by state-run oil companies. Petrol will now cost Rs 76.26 per litre after an increase by 48 paise and diesel 74.62 per litre after it was raised by 59 paise in Delhi. Petrol price was raised by 62 paise and diesel by 64 paise in the national capital on Sunday.
On Sunday, the price of petrol in Delhi was Rs 75.78 per litre after an increase by 62 paise and that of was diesel Rs 74.03 per litre after a raised of 64 paise
On Saturday, the prices of petrol were increased by 59 paise per litre and diesel by 58 paise per litre in Delhi as oil companies for the seventh day in a row adjusted retail rates in line with costs since ending an 82-day hiatus in rate revision.
The daily hike comes at a time when international crude oil prices are falling. Crude oil prices fell on Monday as a spike in new corona cases in the US raised concerns over a second wave of the virus. Brent crude futures - the global benchmark for crude oil - was last seen trading down 1.7 per cent at $38.07 per barrel.
In fact, petrol price has gone up by Rs 4.98 a litre and diesel price up by Rs.5.23 a litre since June 7.The revenue-starved Modi government last month (May 6) had hiked the excise duty by a record Rs 10 per litre on petrol and Rs 13 per litre on diesel. As per the government notification issued, of the Rs 10 per litre increase in duty on petrol, Rs 8 will be road and infrastructure cess, while Rs 2 will account for special additional excise duty. Similarly, for Rs 13 per litre duty increase in diesel, Rs 8 will be road and infrastructure cess, while Rs 5 will account for special additional excise duty.
Around 70% of the retail price of fuel comprises taxes like excise duties, VAT, cess, etc. India is the only country where duties on petrol and diesel are so high. According to a report by Care Ratings, the May hike in excise duties meant effectively meant that the union government was collecting around 270 per cent taxes on the base price of petrol and 256 per cent in the case of diesel.
Its the hike in excise duties on petrol and diesel that currently petrol is being sold at Rs 75.78 per litre, diesel at Rs 74.03 per litre. At the same international prices of crude oil. petrol was Rs 36.81 per litre, diesel Rs 24.16 in Delhi in August 2014.
So, isn't it too atrocious? Why the benefit of reduced international crude oil prices is not being passed on to the people? And big question is: Why should common man bear the burden of ruling party extravaganza?








