Indian fuel prices have increased tremendously in the last one year. According to the data, the tax on petrol and diesel has increased almost six times since 2013.
Petrol and diesel price hike
Petrol prices in India’s financial capital Mumbai have crossed Rs 100 per liter for the first time, which is the most expensive in the country. Its cost has almost doubled from the fuel available in New York. Retail prices in the city are up 11% this year, taking petrol to Rs 100.47 ($1.39) per liter, according to Indian Oil Corp data.
Indian fuel prices have increased tremendously in the last one year. The price of petrol has also increased due to the increase in sales taxes several times during the tenure of PM Narendra Modi. The levy is now around 60% of the retail price and tax on petrol and diesel has increased almost six times since 2013.
According to experts, due to the heavy tax imposed on fuels, the prices of petrol and diesel have increased in India. It became the third largest country in the world as an importer of crude oil during the era of COVID-19 epidemic. Petrol and diesel sales in the month of May were almost a third lower than the pre-virus levels in 2019. The reason for this is the lockdown imposed in different parts of the country.
As reported by TOI, N Vijayagopal, finance director of Bharat Petroleum Corp, one of India’s leading fuel retailers, says, “We appeal to the government to either soften fuel prices or reduce taxes, until it does. Hota, we have no other option but to increase the retail selling price. ”
Due to the rising prices of petrol and diesel, the burden on the pocket of the common man is increasing continuously. On Tuesday i.e. today, once again the prices of petrol and diesel have increased. The price of petrol has increased by 26 paise per liter and diesel by 23 paise per liter in various cities across the country. Earlier in the month of May, the price of fuel was increased 16 times.
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