As crude oil prices have touched $78 per barrel, there is a risk that petrol prices will rise further.
The global economy was severely affected by the impact of Corona last year. Due to this, the price of crude oil in the international market experienced an unprecedented decline. That is, crude oil, which was sold for about $66 before Corona, fell to $23 per barrel in May last year. Oil companies determine the price of petrol and diesel in India according to the prevailing crude oil price in the international market. But even though crude oil has fallen to this extent, the price of petrol and diesel has not decreased in India.
The reason for this is that the Modi-led BJP government has increased road tax and excise duty on petrol and diesel. Including road tax and excise duty, petrol has been increased by Rs 10 per liter. Diesel has been increased by Rs 13 per liter and is being levied as fuel tax.
As a result, India is at the top of the list of countries that impose the highest taxes on petrol and diesel in the world. Yes. India has imposed a maximum tax of 69% on petrol and diesel. As a result of this, the prices of petrol and diesel have skyrocketed.
In this regard, petrol prices have been selling above Rs. 100 in various parts of Tamil Nadu, including Chennai, for the past few days. In this situation, the price of crude oil has touched $78 per barrel. This is the highest in the last 6 years. Petrol and diesel prices are likely to rise further.
Petrol is already being sold at more than Rs. 100 per liter, and if this increases further, it will cause further inconvenience to the public. People already affected by the Corona lockdown are facing further difficulties due to this price hike. Therefore, everyone's demand is that the central and state governments should take steps to reduce the prices of petrol and diesel.
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