Petrol price rose for the third straight day by 25 paise a litre, and diesel by 30 paise, according to a price notification of state-owned fuel retailers.
Oil Minister Hardeep Singh Puri also informed the Lok Sabha that the excise duty collected from petrol was Rs 1,01,598 crore and from diesel was Rs 2,33,296 crore during FY20-21.
High taxes and 16 rounds of price hikes in May after zero increases in election months of March and April have a role to play in India’s zooming fuel prices.
While a raft of bearish calls predicting even worse demand this month has emerged after fuel consumption plunged in April, a closer look reveals marked differences from last year.
This was the fifth increase in prices since 4 May, when the state-owned oil firms ended an 18-hiatus in rate revision during assembly elections in states like West Bengal.
The BJP leader said that if petrol or diesel is brought under the Goods and Services Tax regime then states would suffer loss of Rs 2 lakh crore revenue.
Diesel is the most widely used fuel in India, accounting for 40% of total use, and the agricultural sector is the second-biggest consumer of diesel after transportation.
With petrol prices touching around Rs 100 and diesel up to nearly Rs 90, Indians are dipping into savings or cutting down on expenses to meet their fuel need, says LocalCircles survey.
Before 2014, fuel price hike used to outrage the public. Today, nobody seems to care. The difference tells you a lot about what appears to be ‘public opinion’.
One has to be incredibly credulous to buy BJP spin masters’ argument that the government got rid of Vice President Jagdeep Dhankhar for harmonious relationship with the judiciary.
Modi government had also made numerous efforts to establish peace with Pakistan but has now adopted a different path, militarily, to establish peace, adds defence minister.
As Narendra Modi becomes India’s second-longest consecutively serving Prime Minister, we look at how he compares with Indira Gandhi across four key dimensions.
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