According to the Indian calendar, at the beginning of the new year, the common man is getting relief on inflation. Petrol and diesel prices have been announced. Petrol cost Rs 3.77 and diesel 2.91 rupees cheaper. These new rates will be effective from midnight on Friday.
Indeed, after the constant decline in crude oil prices, the pressure on oil companies to cut prices of petrol and diesel was increasing. However, due to the election in five states, oil companies were unable to review prices from January 15.
According to market analysts, since January 15, crude prices have risen to $ 7 a barrel in the international market and Indian basket. While the rupee has also strengthened against the dollar. In such a situation, the Consumers were expecting relief during the review.
Prior to this, on January 16, the price of petrol was increased by 42 paise and the price of diesel was raised to 1.03 rupees. Significantly, oil companies review the prices of petrol and diesel every fortnight. But since January 15, there was no change in prices.
At the same time, the government told in Parliament that through excise duty on petrol and diesel, the total collection in the first 11 months of the financial year 2016-17 is more than Rs 2 lakh crore. The government has received a huge amount of Rs 2,01,935 crore. With excise duty on petrol, the government got Rs 64,509 crore and diesel Rs 1,37,426 crore
