Prices Hike : Petrol 4-yr High, Diesel All-Time High

Narendra Modi government continued to affect the middle-class and below middle-class with its continuous price hike coupled with high taxation. 

Petrol in the national capital now costs Rs 73.73 a litre, the highest since September 14, 2014 when rates had hit Rs 76.06. Diesel price at Rs 64.58 is the highest ever, with previous high of Rs 64.22 being on February 7, 2018.

Although the Oil Ministry had sought for reduction in excise duty on petrol, diesel, finance minister Arun Jaitley in his Budget presented on February 1 ignored those calls.

For beginners, India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates. Jaitley had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

Subsequent to that, the Centre had asked states to also lower VAT but just four of them- Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh- reduced rates while others including BJP-ruled ones ignored the call. 

In June 2017, State-owned oil companies Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation adopted a daily price revision system to instantly reflect changes in cost.

High taxation by the government on petrol and diesel is now inviting severe flak from the people who're fuming over Modi's government. Majority of the opinion that Modi government is just helping business class and a few big businessmen in Gujarat and other states of North leaving the common people of South, East, West, North to the last.

SOURCE BY