The new rates of petrol and diesel will come into effect from tomorrow morning, orders for the same will be issued later today. So, the prices would have fallen by one rupee only if the prices had remained at May 30 levels, which was Rs 82.62 a litre for petrol and Rs 75.19 a litre for diesel.
Leaders of various opposition parties led by Congress president Rahul Gandhi kickstarted Monday the country-wide protest against rising fuel prices from Rajghat as part of the 'Bharat Bandh' call given by the party. "If taxes are cut, prices will decline significantly".
AAP leaders staged a protest at Delhi's Jantar Mantar against the fuel price hike.
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He said the government's ability to give relief was only when its finances are strong. On the other hand, the taxes imposed by the Narendra Modi government on fuel is considerably high.
Addressing the Legislative Assembly, the AP chief minister N Chandrababu Naidu accused the BJP government at the centre for not considering to reduce fuel prices despite earning large sums through various taxes. Fuel prices in Delhi are the cheapest among all metros and most State capitals due to lower taxes. The spike in prices has renewed calls for cut in excise duty but Finance Minister Arun Jaitley has remained non-committal, saying worldwide oil prices are volatile and have not shown any linear movement.
With the title "Truth of hike in petroleum prices", the ruling party with the help of bar diagrams explained that the percentage increase in the rise of fuels in 2018 is less than the increase during the previous two terms.
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Protests over rising fuel prices have made a few state governments announce tax cuts, though the Centre has stayed adamant on not cutting excise duty on petrol and diesel. Petrol per litre today was priced at Rs 80.73 in Delhi, Rs 83.61 in Kolkata, Rs 88.12 in Mumbai and Rs 83.91 in Chennai. This led to its excise collections from petro goods more than doubling in last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. Since May 2014, the excise duty on petrol has seen a skyrocketing increase of 211%, while the duty on diesel has seen an increase of 443%.
State-owned oil firms had in June a year ago discarded the policy of changing fuel rates on the first and 16th of every month, and resorted to daily price revision instead.
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