Fuel prices in India have seen a sharp rise since the last two weeks. Gasoline and diesel prices in India rose for the twelfth day in a row on Saturday. Commenting on the rise in the price of fuel, Finance Minister Nirmala Sitharaman said on Saturday: “It is an annoying subject in which no answer, except the fall in the price of fuel, will convince anyone.
To provide respite to the common man, the Finance Minister said: “Both the Center and the state should speak to reduce the retail price of fuel to a reasonable level for consumers.” Central and state taxes represent 60% of the retail price of gasoline and more than 54% of diesel.
On Saturday, the price of gasoline rose by a record 39 paise per liter and diesel by 37 paise per liter. This was the largest daily increase since oil companies began reviewing rates daily in 2017.
The price of gasoline on Saturday hit an all-time high of ₹97 per liter in Mumbai while the diesel rate crossed ₹88 brands. In Delhi, the price of gasoline rose to ₹90.58 the liter. The price of diesel rose to ₹80.97 a liter in the national capital on Saturday. The price of gasoline has already exceeded ₹100 mark in some places in Rajasthan and Madhya Pradesh.
In 12 days, retail gasoline prices have risen ₹3.63 a liter, a record since prices were liberalized in 2010, and diesel rates have increased by ₹3.84.
Earlier this week, Prime Minister Narendra Modi said the middle class would not have been burdened if previous governments had focused on reducing dependence on India’s energy imports.
Without referring to the relentless rise in retail fuel prices, which are tied to international rates, he said that India imported more than 85% of its oil needs in the 2019-20 financial year and 53% of its gas needs. .
Opposition parties, including Congress, have criticized the price hikes, blaming the Modi government for raising taxes.
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