Petrol has hit an all-time high price of Rs 68.3 per litre, a 24% increase from 2015, while diesel prices have shot up by 21% to Rs 66.4 per litre.
Retail fuel prices in India are at a 55-month high on the heels of an increase in worldwide crude price.
The oil prices in India have been rising for last few weeks. This year itself, diesel prices have risen by Rs 4.84 per litre while petrol prices have risen by Rs 4.09 per litre. In Delhi, diesel clocked a record high of Rs. 65.31.
In Kolkata, petrol is retailing at Rs 76.78 a litre and diesel at 68.01 a litre. But, it failed to reduce taxes when the prices of petrol and diesel went up. Higher fuel prices are pushing up inflation at a time when prices of food items such as pulses have come down. According to the official website of Indian Oil, petrol prices retailed at Rs. 74.08 per litre in Delhi, the highest since September 2013. "So, why are Petrol/Diesel prices higher today than they were in May 2014?" he asked. In a series of tweets, the former Finance Minister said the BJP boasts that it is ruling 22 states but why does the NDA government refuse to bring petroleum and petroleum products under GST.
The minor reduction in excise duty announced in October 2017 cost the government a whopping Rs 26,000 crore. Oil marketing companies in India are pricing petrol and diesel on a daily basis that affects consumers every day.
However, by August 27, 2017, the price of petrol zoomed to Rs 73.06 and diesel to Rs 61.88 indicating an increase of Rs 3.88 for petrol and Rs 1.58 for diesel.
Reacting on the price rise, Union Petroleum Minister Dharmendra Pradhan on Friday said the Government was concerned about the recent surge in prices of petrol and diesel.