Petrol price has seen a constant hike since Daily Price Revision…
A masterstroke by the rule makers which goes by the name of “Daily Fuel Price Revision” has left you and I absolutely ignorant! Government Oil companies started revising fuel prices daily at 6:00 am from 16th June 2017. They ditched the old practice of fortnight revisions where the quantum was announced and was known to everyone.
So What is the Impact?
Since July 1, that is, in under 2 months, Petrol price has increased by whopping Rs 6 per liter. What you are paying right now is the highest rate of petrol in three years according to the data compiled by ET Auto. Since July 3rd there has been a price increment every day apart from 4 days where it saw a reduction of 2-9 paisa per liter.
A quantum of Rs 6 corresponds to a massive ~10 percent price hike over Rs 63.06 which was the price of petrol in Delhi on June 2nd.
Imagine a single announcement of such a massive price increment would have triggered an outrage among the junta but this masterstroke of ‘daily price revision’ has ensured it went largely unnoticed.
Similarly diesel is at a four month high with a price increment of Rs 3.67 per liter.
Just to give you an idea, according to Quint, central excise duty on petrol was increased by over 120 percent in the last 3 years whereas the same raise for diesel has been whopping 380 percent. This manifold excise duty increment by the government was done when international crude prices were low and prices, instead, warranted a retail price reduction.