As fuel prices continue to rise, after a date of 19 days and days after the elections in Karnataka, local residents joined the national protest against the rising prices that are installed in fuel prices.
HYDERABAD: A measure that fuel prices continued to emerge, after a date of 19 days and days after the elections in Karnataka, local residents joined the national protest against the increase in prices that install a revoke the mechanism of fuel prices. They wanted the price review mechanism to be restored several times a month. The price of oil after the 19-year increase on Monday stood at Rs 79.23 per liter in Hyderabad. The diesel after the increase of 26 was sold at Rs 71.93.
“Rajasekhar, a consultant of some species said:” The dynamic daily price has numbed people and they are used to it. “You have to go back to the previous method.” There has been an upward trend in prices and the offer price of the Organization of the Petroleum Exporting Countries (OPEC). The resulting rebound in world prices increased the cost of the Indian basket of crude from $ 47.56 in barrel in 2016-17 to $ 75.26 in barrel on May 11.
In the recent past, the government had given a resounding “no” to reducing the excise tax on fuels to provide relief to consumers. The Center increased excise taxes on gasoline nine times and reduced it twice between November 2014 and January 2016 to earn more at the root of the fall in world prices.
The NDA government had cut the excise tax by 2 rupees per liter in October 2017, that gasoline prices exceeded Rs.70.88 per liter and Rs59.14 for diesel.
The government had pushed the states governed by the BJP to reduce their profits for each liter of fuel. States like Maharashtra responded by reducing Rs 2 in gasoline and Rs 1 in diesel.
Despite these adjustments, the increase in excise taxes has helped the government double its profits by Rs 2.4 million in 2016-17 compared to Rs 99,000 crore in 2014-15. Source – newindianexpress