Petrol price hiked by Rs 3.13 a litre, diesel Rs 2.71 per litre; Congress says it’s anniversary ‘gift’ by Modi govt
This is the second straight steep increase in rates this month.
Massive hike in #petrol prices is a prime example of the failure of Congress-led UPA. This will put a burden of hundreds of crores on Guj.: Modi (In Past to upa gov)
| New Delhi |
Updated: May 16, 2015
The two consecutive hikes have wiped away more than one-third of the
gains that had accrued to consumers when global rates began to fall in
August last year.
Petrol price was on Friday hiked by Rs 3.13 a litre and diesel by Rs 2.71 per litre, the second straight steep increase in rates this month.
The hike, which comes on the back of Rs 3.96 per litre increase in petrol and Rs 2.37 a litre raise in diesel from May 1, will be effective from Friday midnight.
Prices of petrol in Delhi will be Rs 66.29 a litre from tomorrow as against the current Rs 63.16; while diesel will cost Rs 52.28 per litre as against Rs 49.57, Indian Oil Corp (IOC), the nation’s largest oil company, said.
The two consecutive hikes have wiped away more than one-third of the gains that had accrued to consumers when global rates began to fall in August last year.
“Since last price change (effective May 1), there has been a steep increase in international prices of both petrol and diesel. Rupee-US dollar exchange rate has also depreciated quite significantly during this period.
“Combined impact of both these factors warrant an upward revision in prices, the impact of which is being passed on to consumers with this price increase,” IOC said in a statement.
State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
Petrol prices had been cumulatively cut by Rs 17.11 a litre in 10 reductions between August and February and diesel by Rs 12.96 a litre in 6 cuts between October and February.
After two rates hikes (0.82 a litre in petrol and Rs 0.61 per litre in diesel on February 16, and Rs 3.18 per litre in petrol and Rs 3.09 a litre in diesel on March 1) ates were again cut on April 2 (49 paisa a litre in petrol and Rs 1.21 in diesel) and on April 16 (80 paise per litre on petrol and Rs 1.30 a litre on diesel).
“The movement of prices in international oil market and rupee-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes,” IOC said.
Meanwhile, the Congress party in a caustic remark said that the hike in petrol and diesel prices was a “gift” by Narendra Modi government to the people on its first anniversary.
“It is a gift by the Modi government on the occasion of its first anniversary. More will follow,” party spokesman R P N Singh said.
The hike, which comes on the back of Rs 3.96 per litre increase in petrol and Rs 2.37 a litre raise in diesel from May 1, will be effective from Friday midnight.
Prices of petrol in Delhi will be Rs 66.29 a litre from tomorrow as against the current Rs 63.16; while diesel will cost Rs 52.28 per litre as against Rs 49.57, Indian Oil Corp (IOC), the nation’s largest oil company, said.
The two consecutive hikes have wiped away more than one-third of the gains that had accrued to consumers when global rates began to fall in August last year.
“Since last price change (effective May 1), there has been a steep increase in international prices of both petrol and diesel. Rupee-US dollar exchange rate has also depreciated quite significantly during this period.
“Combined impact of both these factors warrant an upward revision in prices, the impact of which is being passed on to consumers with this price increase,” IOC said in a statement.
State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
Petrol prices had been cumulatively cut by Rs 17.11 a litre in 10 reductions between August and February and diesel by Rs 12.96 a litre in 6 cuts between October and February.
After two rates hikes (0.82 a litre in petrol and Rs 0.61 per litre in diesel on February 16, and Rs 3.18 per litre in petrol and Rs 3.09 a litre in diesel on March 1) ates were again cut on April 2 (49 paisa a litre in petrol and Rs 1.21 in diesel) and on April 16 (80 paise per litre on petrol and Rs 1.30 a litre on diesel).
“The movement of prices in international oil market and rupee-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes,” IOC said.
Meanwhile, the Congress party in a caustic remark said that the hike in petrol and diesel prices was a “gift” by Narendra Modi government to the people on its first anniversary.
“It is a gift by the Modi government on the occasion of its first anniversary. More will follow,” party spokesman R P N Singh said.
Massive hike in #petrol
prices is a prime example of the failure of Congress-led UPA. This will
put a burden of hundreds of crores on Guj.: Modi (In Past to upa gov)
---
Massive hike in #petrol prices is a prime example of the failure of Congress-led UPA. This will put a burden of hundreds of crores on Guj.
— Narendra Modi (@narendramodi) May 23, 2012
Exactly an year ago, the price of the Indian crude basket was USD 106 per barrel and petrol was being sold at Rs 71.41...
Posted by Indian National Congress on Friday, May 15, 2015
old news:
Petrol price hike example of failure of Cong-led UPA: Narendra Modi
May 24, 2012
"Massive hike in petrol prices is a prime example of the failure of Congress led UPA government. This would put a burden of hundreds of crores on Gujarat," Modi, wrote on his twitter account.
The decision to hike price and pass on the burden to people comes barely 24 hours after the parliament session getting over, which shows that the house was kept in dark over the issue, Modi said.
This is an insult to parliamentary democracy, and people will not forgive the government for it, he said.
Petrol in Gujarat costs around Rs 69-70 per litre and after an increase of nearly Rs 7.92 per litre it will be close to Rs 78 per litre in Ahmedabad, Gujarat Petrol Pump Association President Kiran Patel said.
The basic hike in petrol price of Gujarat is of Rs 6.28 per litre, after levy of 23 per cent VAT and 3 per cent cess another Rs 1.64 per litre is added, which takes the net fuel hike per litre between Rs 7.92-7.95, he said.
Gujarat Chief Minister Narendra Modi today hit hard on his twitter at the Congress-ruled Centre’s utter failure to control inflation, as demonstrated by its inflicting an unprecedented hike in the price of an essential commodity like petrol.CM on his twitter hits hard at the Centre’s utter failure atunprecedented petrol price hike
Mr. Modi described the failure as all the more unpardonable as the hike was announced within 24 hours of the adjournment of the Parliamentary session. It is a great insult to Parliamentary system of democracy. People would not forgive the Congress-ruled government at the Centre, he said.
Gujarat Chief Minister Narendra Modi hits hard at the Centre’s utter failure at unprecedented petrol price hike.
Centre’s failure to control inflation seen in this massive price hike. Gujarat will suffer losses of hundreds of crores: Shri Modi
Why was this unpardonable hike announced 24 hours after Parliament session ended: Shri Modi
Even in the past, Shri Modi has taken on UPA for its several anti-people and anti-federal measures.
On the evening of Wednesday 23rd May 2012, Gujarat Chief Minister Shri Narendra Modi lambasted the Congress-ruled UPA for the steep hike of Rs. 7.50 in petrol prices that was announced yesterday.
Sharing his views on Twitter, Shri Modi Tweeted, “Massive hike in petro prices is a prime example of the failure of Congress-led UPA. This will put a burden of hundreds of crores on Gujarat.” He added,“This decision to hike petrol prices taken a day after the ending of Parliament session is a stinging rebuke to the dignity of Parliament” and that the people would not forgive the Government for the same.
This is not the first time Shri Modi has come down heavily on the Centre for its anti-people legislation. He has been at the forefront of opposing the unilateral cotton export ban and has even written letters to the Prime Minister on the same. Recently during his speech at Krishi Mahotsav, the Chief Minister urged the Centre to raise the height of the main dam of the Sardar Sarovar Project, something it has sat on for two generations now.
In addition, he has written letters opposing more anti-people measures be it the Centre’s meat export policy and its promoting of the anti-farmer ‘pink revolution’ or the Centre’s measure to bring duties on non-branded gold jewelry. He has also severely condemned the move to bring TDS on the transfer of immovable property.
Shri Modi has even taken the lead in opposing National Counter Terrorism Centre (NCTC) and changes in the RPF Act, terming them as detrimental to the federal structure of the nation.
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