Oil companies have increased the price of petrol and diesel on Saturday for the 21st consecutive day. Petrol has now crossed 80 in Delhi, while diesel has already crossed this figure.
Petrol became costlier by 25 paise on Saturday, while the price of diesel has increased by 21 paise. The price of petrol in Delhi has increased from Rs 80.13 to 80.38 per liter. At the same time, diesel has become Rs 80.40 per liter. The price of diesel in Delhi is more than petrol. The increase in the prices of petrol and diesel affects the sale of commodities in vegetable and fruit markets. According to the news agency ANI, a vegetable seller in Delhi’s Azadpur vegetable market said that since the transportation charge has increased, the market has become expensive. Sales are down.
Explain that the prices of oil in India are increasing at a time when the prices of crude oil in the international market are soft, despite this, the oil companies are increasing the prices to improve their margins. Indian companies had bought and stored crude oil long back and due to this, they are incurring excessive inventory losses. Indian Oil is facing a huge deficit for the first time in the last 4 years.
Petrol and diesel are the major sources of income for the state and central governments. On the other hand, petroleum companies are doing business only for profit. So why should they not earn well, that’s why the prices of petrol and diesel are increasing. The state governments started increasing VAT on petrol and diesel when there was heavy revenue deficit in lockdown. Last month, in the first week of May, many states like Delhi, Haryana, Uttar Pradesh increased VAT on diesel. Apart from this, it is also a thick source of income for the central government. In May itself, the central government had also increased the excise on petrol by Rs 10 and the excise on diesel by Rs 13 per liter.