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Fuel prices saw a hike for the seventh time in the last eight days

Fuel Prices

On Tuesday, the fuel prices saw a hike for the seventh time in the last eight days, the petrol prices were hiked by 80 paise per liter and the diesel prices were hiked by 70 paise per liter which took the total hike to Rs.4.80/-. With this new hike in prices, the petrol, and diesel prices in Delhi rose to Rs. 100.21 per liter and Rs.91.47 per liter respectively. In Mumbai, the financial capital of India the prices stood at Rs.115.04 and Rs.99.25 for petrol and diesel respectively. Whereas in Chennai a liter of petrol will cost Rs.105.94 and a liter of diesel will cost Rs.96. In Kolkata, the prices are at Rs.109.68 per liter for petrol and Rs.94.62 per liter for diesel. 

Even on Monday, the prices were hiked by 30 paise. Over the past four and a half months, the period in which election campaigns and pollings were held in five states- Uttar Pradesh, Punjab, Uttarakhand, Goa, and Manipur, there was no hike seen in the petrol prices and they were stable.  

The leaders of the opposition party congress have put various accusations on the ruling Bharatiya Janata Party. The BJP has been accused of ‘tax-gouging’ and ‘profiteering’ over the fuel price hike. Randeep Singh Surjewala, the Congress leader has recently told the media that by increasing the excise duty on petrol and diesel the BJP government has earned around Rs.26 lakh crore in the past eight years. ‘Mehangai-mukt Bharat Abhiyaan’ a three-phased campaign has also been announced by the Congress party against the fuel price hike. In the campaign, the party will organize rallies and marches across the county between March 31 and April 7.

India is 85 percent dependent on the imports of oil to meet the county’s demands and the fuel prices in the nation depend upon various factors like the demand, valuation of INR against USD, consumption ratio of refineries, etc. the prices also vary from state to state depending upon the local taxes of the states like the value-added tax (VAT) and freight charges. The recent Russian-Ukraine war is considered to be one of the biggest factors behind the increase in fuel prices.

Continue Reading on The India Saga.

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