In and unprecedented move in Indian history oil companies increased prices for the 17th day in a row that took the cumulative increase to a steep Rs 8.75 for Petrol and Rs 10.01 for diesel per litre, respectively.
Petrol price on Tuesday was hiked by 20 paise per litre and diesel by 55 paise .
As a result Petrol price in Delhi was hiked to Rs 79.76 per litre from Rs 79.56, while diesel rates were increased to Rs 79.40 a litre from Rs 78.55, according to a price notification of state oil marketing companies.
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Even with the present break up been taken then 7.38 Rs per litre Profits that is 36% at refining level been made
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While the current crude oil prices at about $40 is similar to August 2004 level, yet consumers are paying a heavier bill,
During August 2004, when Crude crude oil prices at about $40 is similar to August 2004 level In Delhi petrol was Rs 36.81 per litre, diesel ₹ 24.16 and LPG ₹ 261.60 per cylinder
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But today Crude crude oil prices at about $40 but currently petrol is being sold at ₹ 79.76 per litre, diesel at ₹79.40 , per litre and LPG at Rs 593 per cylinder.
Petroleum Consumption statistics put forth Between financial year 2014-15 to 2019-20, the BJP party led Modi government has hiked taxes on petrol and diesel 12 times and has collected a whopping Rs 17,80,056 crore in just the last six years.
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The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.
Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices.
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Modi led centre BJP government ensured no benefit been passed to common consumer even when international crude prices dropped to historic low but Rates have been increased across the country when crude prices are stabilised
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Rates have been increased across the country and vary in each state depending on the incidence of local sales tax or value added tax.
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