Petrol and diesel prices hiked for eight consecutive days
Petrol and diesel prices have been hiked for eighth consecutive days by 62 paise/litre and 64 paise litre respectively. According to the hike, prices in Delhi have been raised to Rs 75.78 from Rs. Rs 75.16 for petrol and to Rs 74.03 a litre from Rs 73.39 for diesel.
After the prices have been hiked on a daily basis from June 2017, the current prices are at the highest. Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.
Oil PSUs Indian Oil Corp (IOC), ]Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices.
Congress accused the government of burdening people even after earning 2.5 lakh crore since March 5. In a virtual press meet, Congress leader Kapil Sibal said that while international crude oil prices have fallen and are at an all-time low in 15 years, petrol and diesel prices are skyrocketing and people continue to suffer under the Modi dispensation. “Central excise duty on petrol has been increased by 258 per cent and on diesel by 819 per cent since the Modi government came to power in May 2014,†he said.
Kapil Sibal said the Modi government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices. He added that in all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by Rs 13.47 a litre in those 15 months that helped it earn Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.
After the prices have been hiked on a daily basis from June 2017, the current prices are at the highest. Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.
Oil PSUs Indian Oil Corp (IOC), ]Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices.
Congress accused the government of burdening people even after earning 2.5 lakh crore since March 5. In a virtual press meet, Congress leader Kapil Sibal said that while international crude oil prices have fallen and are at an all-time low in 15 years, petrol and diesel prices are skyrocketing and people continue to suffer under the Modi dispensation. “Central excise duty on petrol has been increased by 258 per cent and on diesel by 819 per cent since the Modi government came to power in May 2014,†he said.
Kapil Sibal said the Modi government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices. He added that in all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by Rs 13.47 a litre in those 15 months that helped it earn Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.