Hike in petrol, diesel prices continues for 11th straight day

A petrol pump employee serves a customer at a fuel station as fuel prices reached the highest-ever in Mumbai on Thursday

Moreover, the leaders from opposition parties slam the prevailing government immediately.

According to the analysts, the continuous increase in petrol and diesel prices is related to the weakening of the rupee against the United States dollar. Industry experts said petrol prices in Patna were the second highest in the country after Mumbai on Wednesday. Thus reducing the prices of petrol by INR 25 per litre. At the end of the day, elections were to be won and there was this one easy method that was availed very well in advance.

Petrol companies are passing on the relentless rise in global oil prices to the consumers.

Prices of the key transportation fuel in the other major cities of Kolkata, Mumbai and Chennai were at Rs 80.47, Rs 85.65 and Rs 80.80 a litre, up Rs 3.15, Rs 3.17 and Rs 3.37 from the levels on 13 May, according to the data on the International Olympic Committee website.

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With this increase, petrol has touched an all time-high, breaching the previous high of Rs 76.06 touched in Delhi on September 14, 2013. As I don't want to further this ongoing "socio-political oil war" in India, I would just say that analyze these above data of rates to understand as to who was right and who is wrong. West Bengal's ruling party Trinamool Congress today said it would organise protests in the city of Kolkata on Friday against sharp hike in fuel prices.

The government is seriously considering the matter of rising oil prices and is looking to resolve the issue in the coming days. The consumers are crushed with rising inflation as with rising fuel prices other essential commodities become costlier as well. With this all the question arises that where is the problem? Basically, the problem is "taxes" which are imposed by the government on petrol and diesel. These taxes vary state wise which results in varying retail prices.

Various ministers of the opposition demanded a reduction in the excise duty and Value-Added Tax on petrol and diesel respectively. "Central government puts additional tax of Rs 10 on every litre of petrol".

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. "GST will ensure a single tax". "Our salaries are the same and prices are rising every day". This shows that higher petrol and diesel prices can not be ignored from a political viewpoint in our country.

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