On February 23, the state-run oil marketing companies (OMC) announced a rise in fuel prices. They made this announcement after keeping the prices unchanged for two consecutive days. In Delhi, the price of petrol rose by 25 paise per litre while diesel prices hiked by 30 paise for the same quantity. The rise has taken the prices to Rs 90.83 and Rs 81.32 for petrol and diesel respectively.
The fuel prices remained unchanged on February 21 and 22, after the OMCs hiking their rates for 12 straight days in previous sessions. Before the two days pause, on February 22, the prices of petrol hiked by 39 paise and diesel prices went up by 37 per litre, taking their respective rates to Rs 90.58 and Rs 80.97 in the nation’s capital.
Speaking of the prices of auto fuels in the metropolitan cities in India, Mumbai is at the top of the chart. The financial capital is followed by Chennai, Kolkata and Delhi respectively. The prices of petrol and diesel are also high in the IT hubs of Bengaluru and Hyderabad.
In India, OMCs like Indian Oil, Bharat Petroleum, and Hindustan Petroleum determine the fuel prices. The rates are fixed in accordance with the fuel prices in the global market. The prices of auto fuels can be hiked, kept unchanged or lowered down. The practice of revising price came into effect on June 15, 2017, prior to this the prices were revised every fortnight.
The constant upswing in fuel prices has burned a hole in the pockets of vehicle owners. They are expressing their frustration by calling out the ruling party. Many protests also have been triggered by the opposition parties in several parts of India.
Congress President Sonia Gandhi even reportedly wrote to Prime Minister Modi, criticizing his government for constantly raising the fuel prices in the country.
Meanwhile, many State Governments, have announced a reduction in tax on fuel prices owing to the constant rise in their prices.