Petrol & Diesel Prices Hiked By Rs 2.21 & Rs 1.79 A Litre, Respectively! Twitter Turned Furious

The oil prices in the world markets are moving towards getting stable after the main producing countries have decided to reduce supplies in November, but this has started hurting the pockets of Indian consumers. With the midnight of Dec 17, the decision of increasing the prices of petrol by Rs. 2.21 and diesel by Rs. 1.79 per litre has been taken by the government-owned fuel retailers Bharat Petroleum Corp. Ltd, Hindustan Petroleum Corp. and Indian Oil Corp.

The largest retailer among the three, Indian Oil, issued a statement which said,

“The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant an increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision.”

The cost of non-branded petrol will be in Delhi – Rs. 68.94, Chennai – Rs. 68.41, Kolkata – Rs. 71.50 and Mumbai – Rs. 75.27 while for buying diesel, the consumer will need to pay Rs. 56.68 in Delhi, in Chennai – Rs. 58.28, in Kolkata – Rs. 58.92 and in Mumbai – Rs. 62.40. There are good chances that the price of jet fuel will also increase.

The group of 13 oil-producing nations, Organisation of Petroleum Exporting Countries (OPEC) took a decision on Nov 30 to reduce the global production of crude oil by 1.2 millions per day; this was the first time this type of decision was taken since 2008. The prices of petrol and diesel in India are dependent on the global prices of these fuels which in turn are dependent on the price of raw material that is crude oil.

This increase in oil prices will also prompt the central govt. to keep a check on the central excise duty of these products and state governments will focus on VAT, which have been increased many times to boost the income as the oil prices were going down for quite some time now. For the past two years, the prices of fuel were decreasing which helped the government in managing the linkage of auto fuel market because of which it saved oil subsidy; presently this subsidy is given to the poor on kerosene and LPG (cooking gas). At present, central excise duty for petrol is Rs. 21.48 and for diesel is Rs. 17.33.

Twitter also reacted over the matter in an angry tone and here are few selected tweets!

Financial surgical strike:

Losing faith in Modi govt?

Is this what GARIB stands for?

Sarcasm at its best!

Opposition comments

https://twitter.com/WithCongressKR/status/809802171122413568

Can you answer these questions?

Adding to the misery of common public:

Do share your opinion with regard to it in the comments section below.

All Images Are Used For Representational Purpose Only

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