Petrol & Diesel Prices are all time in Indian History. On Tuesday, the prices of petrol and diesel have steadily risen further on 10th day. Petrol prices in Delhi increased by 16 paise a litre and overall price reached on Rs 79.31 per litre. Diesel prices in Delhi have increased by 19 paise and it has reached t Rs. 71.34 per litre in Delhi. In Mumbai, petrol price at Rs 86.72 per litre, in Kolkata Rs. 82.22 per litre and in Chennai, it is an 82.41 per litre.
Since 16th August, petrol prices have gone up by more than Rs 2 per litre, while the price of diesel has increased by Rs 2.42 per litre. The petrol and diesel prices have increased by 13% and 19% in this financial year to date.
Petrol & Diesel Prices are continuously rising due to a fall in Indian Rupee value in the international market
The main reason behind the oil price rise in India is due to the continuous falling value of Indian currency against the dollar in the international market from last few weeks. In the last one month, the price of rupee has fallen by 2.5 rupees compared to the US dollar. The price of the rupee has gone below 71 against the dollar and this is at the lowest level in the Indian history. The low value of rupee is directly impacting to the import of oil from the international market. Now oil companies are required to pay more dollars in crude oil for international import.
Petrol & Diesel Prices are continuously rising due to the increase in crude oil price in the international market
In the last few weeks, the price of crude oil has risen by more than $ 7 per barrel. The situation has worsened due to the US sanctions on Iran. Iran’s oil exports have declined, due to which oil prices are rising across the globe. Apart from this, stress in West Asia is also a major reason for the oil process hike.
Today the crude oil price in the international market is above $ 78 a barrel. The trade dispute between the United States and China and other major economies including the European Union could worsen the situation in the last few months. If these disputes are not resolved soon, its adverse may affect the oil prices in the international market further.
How government can offer relief to citizens for rising fuel price in India
The high excise duty from Central Government and VAT and Pollution Cess from State Government need immediate revision. By adding these taxes, the fuel price in India, become double to its actual cost. The end customer suffers and pays these prices for fuel with unjustified Taxes.
Neither the central or state government in the mood to leave their share of taxes. They are only blaming each other and common people is suffering. Please note petroleum products does not fall in GST is also a reason for the government to keep adding unwanted tax as per their convenience.
Considering this worst situation both the government must think for the pain of common people n they should cut taxes from both, central and state government to offer immediate relief. If they are not doing this soon. The petrol prices in India soon cross Rs. 100 a litre.