Congress leader Rahul Gandhi on Sunday hit out at Prime Minister Narendra Modi over the increase in prices of gas, diesel and petrol. "Narendra Modi has made great progress in 'GDP' - in the prices of gas, diesel and petrol. People are suffering due to inflation, while the Modi government is busy in tax collection," Rahul tweeted.
मोदी जी ने ‘GDP’ यानी गैस-डीज़ल-पेट्रोल के दामों में ज़बरदस्त विकास कर दिखाया है!
— Rahul Gandhi (@RahulGandhi) January 24, 2021
जनता महँगाई से त्रस्त, मोदी सरकार टैक्स वसूली में मस्त। pic.twitter.com/FsiG8ECajk
Petrol and diesel prices on Saturday touched new all-time highs after rates were increased for the fourth time this week. Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies. This took the petrol price in Delhi to Rs 85.70 per litre and in Mumbai to Rs 92.28. Diesel rate climbed to Rs 75.88 a litre in the national capital and to Rs 82.66 per litre in Mumbai, the price data showed.
This is the second consecutive day of the rate increase and the fourth this week. In all, prices have gone up by Re 1 per litre this week. Fuel prices, which vary from state to state depending on local sales tax or VAT, are now at record highs in the country, prompting cries for a cut in excise duty to ease the burden on consumers.
Oil Minister Dharmendra Pradhan earlier this week blamed Saudi oil output cut for the surge in oil prices but remained non-committal on tax cuts. Top oil explorer Saudi Arabia has pledged additional voluntary output cuts of 1 million barrels per day in February and March, which has led to price climbing to most since the pandemic broke out.
State-owned fuel retailers -- Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- had on January 6 resumed daily price revision after nearly a month-long hiatus. Since then, rates have gone up by Rs 1.99 a litre on petrol and Rs 2.01 in case of diesel.
This comes after international oil prices firmed up on hopes of demand returning from the rollout of Coronavirus vaccines in different countries, including India. Prior to the current highs triggered by the price hikes this month, fuel prices had last touched record high on October 4, 2018. At that time the government had cut excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.
This time, there are no indications of a duty cut so far. Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates.
With inputs from PTI
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats
May 15, 2024 8:09 PM
Wine shops and bars to remain shut for 4 days in Mumbai in 4 weeks, check details
May 15, 2024 7:52 PM
INDIA bloc will win majority seats in Bihar, says Tejashwi Yadav
May 15, 2024 4:20 PM