The fuel prices in Delhi rose for the 11th consecutive day on Friday (September 19) as Petrol prices reached Rs 90.10 per litre after registering a hike of 31 paise, while Diesel prices saw a jump of 33 paise and reach Rs 80.06 per litre in the national capital region.
In states like Madhya Pradesh and Rajasthan, Petrol prices have crossed Rs 100-mark and now are sold at Rs 100.72 in Rewa, MP and costs Rs 100.16 per litre in Hanumangarh, Rajasthan.
In Mumbai, the prices went up by roughly 30 paise, which has pushed the price of Petrol to Rs 96.62, up by 30 paise while Diesel prices has seen a hike of 35 paise and is now sold at Rs 87.67 per litre.
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
The unrelenting price hike in fuel prices has attracted severe reactions from cricketers to actors, and opposition parties have critised the Centre’s inability to control the fuel prices which have been spiralling out of control. Many believe, amidst the production cuts by oil producing countries and crude trading at $60 per barrel, the government has enough head space to reduce taxes to ease price rise. As per Budget estimates for FY 2021-22, the Centre is estimated to collect Rs 3.61 lakh crore as ‘Union Excise Duties’, as against Rs 2.67 lakh crore it collected in FY 20.
Fuel taxes in India are among the highest in the world as collectively excise and state taxes (VAT) account for more than 60 per cent of fuel retail price.
Many are worried as Union Finance Minister Nirmala Sitharaman during her budget speech announced of Agriculture Infrastructure and Development Cess (AIDC) of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel.
Union Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan on February 17, urged various oil-producing countries to ‘rethink’ on continuing and increasing production cuts. The Union Oil Minister made this appeal while he was participating in the 11th IEA-IEF-OPEC Symposium on Energy Outlooks.
The key producing countries have not only revised the production cuts over and above the previously announced levels, but also made additional voluntary cuts, which has led to rapid rise in oil prices all around the world.