- Petrol exceeding Rs.90
- For an all-time maximum
- Is it because of governments?
The rise in petrol prices can be attributed to the rise in crude oil prices in the global market. But there is one thing to keep in mind here. Crude prices are at $ 80 a barrel and nothing at $ 100. The price of crude oil is hovering around $ 50. Crude prices in 2018 are at $ 80 a barrel. At that time, petrol was priced at Rs 84 per liter.
But now under the Modi government, petrol prices are skyrocketing even though crude prices are at $ 50. The main reason for this is the central government’s decision to increase excise duty on petrol and diesel. It is noteworthy that petrol and diesel are taxed at 60 per cent.
The central government has increased the excise duty on petrol from Rs 19.98 to Rs 32.98 in early 2019. At the same time, it has increased the tariff on diesel from Rs 15.83 to Rs 31.83. This has increased the revenue of the central government. But the burden on the common man continues to grow. Prices have risen further as tariffs have been raised by several state governments, including the central government.