Petrol Price up by 9% From 1 July: Side-Effects of Daily Revision?

Since 16 June, the prices of petrol and diesel have been changing daily

(Photo: AP)

Since 16 June, the prices of petrol and diesel have been changing daily. Even though the government made no such indication, this move could have an ulterior motive – to change prices in a small measure so as to go unnoticed by consumers and opposition parties. But have you noticed how much the cost has risen from 1 July till now?

According to an Economic Times report, since 1 July, state oil companies have increased the cost of petrol by Rs 5.64 per litre and that of diesel by Rs 3.72 per litre. Which means there has been a whopping 9 percent increase in petrol prices, and a 7 percent jump in diesel prices.

According to Indian Oil Corporation, the cost of petrol in New Delhi on Wednesday was Rs 68.73 per litre, and that of diesel was Rs 57.05 per litre. Whereas on 1 July, petrol was being sold at Rs 63.09 per litre and diesel at Rs 53.33 per litre.

Also Read: Here's Why You Will Pay More for Petrol and Diesel Now

Petrol and diesel were omitted from the Goods and Services Tax. In 2010, the Government of India withdrew its control over petrol prices, and in 2014, its control over diesel prices. The price of these fuels are now decided by international market rates.

Petrol Pump Dealers Protested the Move

Petrol pump dealers had earlier protested the daily revision of prices. They argued that if prices were low, they would reap no benefits. From 16 June to 30 June, the price of petrol and diesel reduced. But since 1 July, the prices have increased and so protests by petrol pump dealers also seem to have stopped.

(This article was first published on QuintHindi.)

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