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 petrol was over Rs 100 in several districts of Karnataka, capital Bengaluru reached the mark Friday after fuel prices were hiked for the 26th hike in less than 7 weeks.
This is the 20th increase since 4 May, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.
Petrol price was increased by 27 paise per litre and diesel by 28 paise a litre in the 18th hike in the last one month, taking fuel prices across the country to a historic high.
The duty on petrol, diesel is the govt’s way out of a tight fiscal situation, but it can lead to problems like inflation & excessive dependence on petroleum products.
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