Analysts shed light on govt's petrol price hike decision

Marginal increase in petrol and diesel prices after some relief on Sunday

Though fuel prices have been increased across the country but the final retail selling price differs from state to state depending on the incidence of local sales tax or VAT.

Since March this year, just before the nationwide lockdown was announced, the Centre has raised excise duty on petrol and diesel by an unprecedented Rs 13 and Rs 16 per litre, respectively, in two instalments.

While diesel has been recording new highs since 19 June, petrol prices are also close to the all-time high rates last seen in October 2018 when global oil prices had spiked close to $80 per barrel.

The latest increase in the fuel prices on Monday meant that the prices have increased on 22 of the last 23 days (with no rise on Sunday).

Petrol and diesel prices in Delhi on Tuesday saw no change and this would come as some sort of relief for consumers who have seen price hikes nearly everyday since daily revisions were resumed from June 7. This government has set a new example of extortion from the people by way of unfair fuel price hikes.

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The government on Friday increased price of petrol by Rs25.58 per litre effect from June 26 in an early monthly review. "Today the price of petrol in the national capital Delhi and other big cities have crossed Rs 80 a litre", Gandhi said accusing the government of being insensitive.

The leaders including the party's state president DK Shivakumar and former Chief Minister Siddaramaiah were followed in the rally by party workers on the route to the party office.

Other opposition parties have also been staging protests against rising fuel prices in different states. Oil marketing companies are also looking at cutting down on their loses and while indications are that July may not buck the June's trend, the significantly higher fuel prices may be here to stay. "At such a time, the rise in prices of petrol and diesel by the Modi government and Kejriwal government in Delhi is adding to their woes".

"The government should stop profiteering from petrol and diesel and should immediately reduce prices and excise duty on them", Gandhi said in his video message on social media.

Goa Congress chief Girish Chodankar and state party unit women's wing head Pratima Coutinho staged a protest in North Goa district, while Leader of Opposition in the state Assembly Digambar Kamat led the demonstration in South Goa district.

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