India

Petrol and Diesel prices reach an all time high

Petrol and Diesel prices reach an all time high
Written by Abhishek Rana

Patrol and Diesel prices have reached a high point, even as there have been pleas for some relief in excise duty, which could make it possible for the people to have some satisfaction with the fluctuations in the prices. Now, Patrol is priced at Rs 76.57, which has shattered a record high, while Diesel is priced at Rs 67.82, which makes the highest in 16 years time. The reason for this hike is being reported as the rise in crude prices and the diminishing value of the rupee. The Indian Basket Crude Oil is now at USD 79.13 per barrel. Oil PSUs had begun to revise the daily prices on May 14, after a break due to the Karnataka elections polls.

The excise duty on petrol is Rs 19.48 and on diesel its set at Rs 15.33 per litre. VAT and state sales tax are also regulated on the prices of the two, and in Delhi, the price for petrol is Rs 15.84, whereas for diesel it is Rs 9.68. The changes in the prices can also be felt if there is any fluctuation in the international markets.

People have already objected to the price hikes, citing the instability and the amount of money that is spent on fuel for their vehicles. Union Petroleum Minister Dharmendra Pradhan said that the situation is not in his control, since there is meager production of oil in OPEC countries. But he has assured that the government is going to take necessary steps to keep the prices controlled.

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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