Stop daily increase in fuel prices

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The Government of India introduced daily revision of Petrol and Diesel prices. This has led to steep rise in the price of Petrol and diesel across the country. This is inspite of the fact that Global crude oil prices have remained stable in the same period. Refer to some fact checks below:

1. Petrol and diesel prices have gone through the roof ever since the central government announced daily revision of fuel prices. Petrol price in Delhi on September 12 was at Rs 70.38 per litre, whereas in Mumbai a litre of petrol costs Rs 79.48.

On July 1, the prices of petrol and diesel in the national capital were Rs 63.09 and Rs 53.33 per litre respectively.

2. The hike comes at a time when the price of international crude oil of Indian Basket is at $52.73 per barrel (bbl) as on September 11.

3. The government had steadily increased excise duty on petrol and diesel when the global crude prices had plummeted below $30 a barrel. This resulted in huge pool of surplus funds with the government. This excise was to be eased off as per the increase in Global crude prices.

4. The four excise duty hikes during this period totalled Rs 7.75 per litre on petrol and Rs 6.50 a litre on diesel. It led to about Rs 20,000 crore in additional revenue to the government, helping it meet the fiscal deficit target.

5. Rise in Petrol and Diesel prices has cascading adverse effects on inflation and will hit the middle and poor class very badly.

6. With household expenditure already on a rise due to impact of GST, this add the burden on the already impacted common man. 



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