Hike in Petrol and diesel prices across the country continued for the eleventh consecutive day on Thursday. On the other hand, Mumbai prices were the country's highest - Rs 84.99 for petrol and Rs 72.76 for diesel.
Apparently, the OPEC has passed a unilateral decision of reducing the production of crude oils raising their prices in the global market to as much as 80$ per barrel which has increased its demand than its supply.
The price of Petrol has peaked at record levels in other metro cities too, including Rs 85.29 per litre in Mumbai, Rs 80.42 in Chennai and Rs 80.12 per litre in Kolkata.
On Wednesday, the government held a meeting with oil marketing companies but they haven't come up with any concrete decision to fight the soaring prices of fuel. In addition to it, states have Value-Added Tax the rates of which vary from state to state.
During the Delhi elections in 2015, PM Modi lauded his "oil luck" of how because of his good luck, prices of petrol and diesel get reduced and the common man saves more. "(The) issue of frequent hike in fuel price is a matter of debate and concern.
In fact, over 50% of petrol's retail price constitutes taxes and dealer commissions while for diesel, the percentage is over 40%.
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He said that "Central government saves Rs 15 on every litre of petrol due to fall in crude oil prices".
"The Centre has taken this (fuel hike) under consideration". These include central excise duty and Value-Added Tax.
Last November, the government announced a reduction in petrol price by Nu 10.29 a litre and diesel by Nu 7.75 after the Government of India exempted the levy of excise duty on petrol and diesel. Earlier, I used to spend Rs 6,000-7,000 on my petrol budget, now I spend almost Rs 10,000.
Central government's earning from the petroleum sector has gone up drastically.
According to Moody's Investors Service, ONGC and OIL could be asked to bear a part of government's fuel subsidy for oil, if prices stay above $60 per barrel for the fiscal year ending March 2019. The life of commoners have been thrown out of gear as the rise in fuel prices have ended up leading to hike in prices of daily commodities like vegetables, dairy products to name a few.