When International Crude Prices fall to historic low no benefit to consumers but when Crude prices rise slightly Price hike instantly . In four day continuous hikes petrol price has gone up by Rs 2.14 per litre and diesel by Rs 2.23.
Petrol price on Wednesday was hiked by 40 paise per litre and diesel by 45 paise, the fourth straight daily increase in rates since oil companies on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.
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Petrol price in Delhi was hiked to Rs 73.40 per litre from Rs 73, while diesel rates were increased to Rs 71.62 a litre from Rs 71.17, according to a price notification of state oil marketing companies.
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Prices were also raised by 60 paise per litre each on both petrol and diesel on Sunday as well as on Monday. In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.
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Oil PSUs – Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) – had put daily price revisions on hold soon after the government on March 14, hiked excise duty on petrol and diesel by Rs 3 per litre each.
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Also Oil companies passed excise duty hike, as well as the May 6 increase in tax on petrol by Rs 10 per litre and Rs 13 a litre hike on diesel by setting them off against the decline in retail prices that should have effected to reflect international oil rates falling to two-decade low.
Thus Modi led centre BJP government ensured no benefit been passed to common consumer when international crude prices dropped to historic low but Rates have been increased across the country when crude prices are stabilised
The Petrol and diesel prices vary from state to state depending on the different slab prevalences of local sales tax or VAT.
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