Petrol prices have been increased for the second consecutive day today. Petrol has become costlier by 35 paise in the capital Delhi today. After this increase, petrol has reached Rs 99.86 per liter. However, today the price of diesel has not increased. It is selling at Rs 89.36 per liter. This is the third time the price of petrol has increased this month. Petrol has crossed Rs 110 a liter in Rajasthan and Madhya Pradesh. Fuel in 19 states of the country and diesel in 3 states has crossed Rs 100 per liter.
Petrol has reached Rs 100 in all districts of Madhya Pradesh, Andhra Pradesh, Bihar, Maharashtra, Karnataka, Manipur, Telangana, Sikkim, and Rajasthan. At the same time, petrol has crossed Rs 100 a liter in many places in Jammu and Kashmir, Punjab, Orissa, Chandigarh, Tamil Nadu, Kerala, West Bengal, Pondicherry, Tripura, and Ladakh. On the other hand, when it comes to diesel, it has gone above Rs 100 in Orissa, Rajasthan, and Madhya Pradesh.
Fuel prices increased 16 times in June. In the capital Delhi this month, petrol became costlier by Rs 4 58 paise and diesel by Rs 4 by 02 paise in June. Earlier in May also, the prices of petrol and diesel were increased 16 times.
On January 1 this year, petrol was at 83.97 and diesel at 74.12, which is now at Rs 99.86 and Rs 89.36 per liter. That is, petrol has become costlier by Rs 15.89 and diesel by Rs 15.24 in 6 months. So far in June, petrol has become costlier by Rs 4, 23 paise and diesel by Rs 3 by 74 paise.
OPEC countries met this week. In this, a decision was to be taken on increasing the production of crude oil during the coming August to December. But no decision could be taken even after the meeting which lasted for 11 hours. Crude oil softened marginally at the start of trading in the Singapore market on Monday. At that time, Brent crude was trading at $ 76 a barrel, which is $ 0.17 lower than the previous weekend. Similarly, US West Texas Intermediate or WTI crude was trading lower by $ 0.15 at $ 75.01 per barrel.
Ajay Kedia, director of Kedia Commodities, says that OPEC has not agreed to increase crude oil production and sanctions on Iran have not yet been lifted. In such a situation, the price of crude oil may increase further in the coming days.
Ajay Kedia says that in October 2018, crude oil had reached $ 86. The same trend seems to be happening once again after 3 years. In such a situation, by the end of this year, crude oil can once again go up to $ 86. In such a situation, there is no hope of getting relief from the rising prices of petrol and diesel in the coming days. An increase of Rs 10 a liter can be seen in their price.
After the Modi government came to power in 2014, excise duty on petroleum products earned Rs 1.72 lakh in the financial year 2014-15. In 2020-21, this figure reached Rs 4.54 lakh crore. That is, in just 6 years, the Central Government's earnings from excise duty were 3 times. At the same time, the income earned by the states from levying VAT on petrol and diesel has increased by 43% in 5 years.
Its earnings were 1.37 lakh crore in the financial year 2014-15, which increased to 2.03 lakh crore in 2020-21. Despite the lockdown imposed due to Corona, the government has filled its treasury by charging heavy taxes on petrol and diesel.
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