Petrol & diesel prices, were revised upwards yet again today, taking the rates to fresh all-time highs in New Delhi.
Worth mentioning that fuel prices have been on an incessant climb since August 16, without a single instance where prices fell.
Having said that, a litre of petrol in the national capital would now cost Rs 83 after a 14 paise hike over yesterday’s price; the same would cost a whopping Rs 90.35 in Mumbai.
Apart from the two metros, there are at least 12 cities where petrol is retailing well over Rs 80 per litre. On the other hand, diesel price in the national capital was also revised upwards to Rs 74.24, up 12 paise from yesterday rate.
In Mumbai, diesel was retailing at Rs 78.82/litre as compared to Rs 78.69 on Wednesday.
As of now, many states have slashed VAT to alleviate the pressure rising from a daily upward revision of fuel prices but there has been no reduction in central excise duty.
The Maharashtra government event went on to the extent of saying that it would incur a revenue hit of Rs 2,200 crore if it cuts fuel prices by 1/litre.
It is worth mentioning that Brent Crude oil prices have breached the $82 per barrel mark, and experts fell that the prices would rise further during the year.
While the rise in oil prices have been triggered by a surge in global crude oil prices, the government is currently exploring avenues to reduce the burden on citizens.
Some insider reports indicate that the government is planning to reduce some excise duty of fuel to reduce the burden on citizens but no such measure has been communicated officially.
Voices of dissent over rising petrol and diesel prices have become much more prominent since the latest round of hikes began on August 16.
Meanwhile, the government is planning to move to alternate sources of fuel or used Ethanol-infused fuel to replace traditional petrol and diesel.
Considering the fact that India is the third-highest importer of oil in the world, the government needs to come out with swift steps to put an end to the oil crisis.