Today again, petrol and diesel prices were hiked by 15 paise and 16 paise per litre respectively in Delhi. The petrol prices were raised by 15 paise in Mumbai, 14 paise per litre in Kolkata and 16 paise per litre in Chennai. Whereas, diesel prices were raised by 22 paise per litre in Mumbai, 21 paise per litre in Kolkata and 23 paise litre in Chennai. Going by today’s hike, petrol prices are at their highest level recorded since September 2013 while diesel prices are at their all-time high.
If one includes Wednesday’s hike, then the petrol prices have gone up by 46-50 paise per litre across Delhi in just three days. The hike came after a 19-day hiatus made due to the Karnataka assembly elections. But as soon as the elections got over on My 12, the fuel prices were hiked the very next day.
The daily system of fuel prices revisions adopted in June last year, leads to reviewing of petrol and diesel rates on a daily basis.
Also read: Petrol, diesel prices hiked again, Karnataka elections was just an interval
The government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by Rs 13.47 per litre between November 2014 and January 2016 to take away gains arising from plummeting global oil prices. This led to its excise mop up more than doubling to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.
The central government had cut excise duty by Rs 2 per litre in October 2017, when petrol price reached Rs 70.88 per litre in Delhi and diesel Rs 59.14. Because of the reduction in excise duty, diesel prices had on October 4, 2017, come down to Rs 56.89 per litre and petrol to Rs 68.38 per litre.
The step proves how strategic the BJP government is, and how it played with the fuel prices and kept them constant only to gain during the Karnataka assembly elections. Now, since the elections are over, its back to its original form, looting the general public.