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’.
Despite growing passenger volume, 11 out of 14 carriers reported losses in 2023-24. IndiGo recorded profit of Rs 8,167 crore, which reduced to Rs 7.253 crore in 2024-25.
Of the total package, $649 million will be utilised for additional hardware, software, and support services, and the remaining for Major Defence Equipment (MDE).
None of Pakistan’s PMs has lasted 5 years. That the current PM has given Asim Munir 5 years shows that of all military dictatorships history has seen, Pakistan’s is most creative.
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