Petrol and Diesel price hike: The reason for the rise in prices of crude oil

Petrol and Diesel price hike: The reason for the rise in prices of crude oil

The prices of Petrol and Diesel have continued to rise, and reached a record high in five years. The last time the prices increased this drastically, was in 2013, when Petrol cost Rs 76 per litre. One of the main reason for the hike in the prices can be found in the increased taxes on them. Central tax has tripled for Diesel, and has doubled for petrol. During the time, 2016-2017, the centre has earned about Rs 2.7 lakh crores from takes and duties that have been implemented on the products.  This is an astonishing rise from 2014-2015, when the centre earned Rs 1.3 lakhs.

However, as the government faces criticism for the raise in prices, Maharashtra Chief Minister, Devendra Fadnavis has offered reasons for the situation. He says that even though taxes have been reduced, there has been rise in the crude prices in the international markets. They will try to bring Petrol under GST program, which could be helpful in reducing the prices.

Meanwhile, Congress Leader, Rahul Gandhi today mocked and admonished Narendra Modi about the increasing price of petroleum products, as he wrote on twitter, with reference to the fitness challenge, he wrote, “Dear PM, Glad to see you accept the fitness challenge. Here’s one from me: Reduce Fuel prices or the Congress will do a nationwide agitation and force you to do so. I look forward to your response.


About the author

Abhishek Rana

Since my early childhood, I’ve loved writing, watching movies and having an opinion. Now, I do it professionally. Always looking for new ways to challenge myself.

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