EditorialUnbearable fuel prices

Unbearable fuel prices

Date:

The Administration has agreed on 19 per cent hike in passenger fare to pacify the demand of the Commercial Passenger vehicles who had earlier deferred the state-wise Chaka Jaam on government's assurance. The transporters were demanding the hike in fares due to the exorbitant increase in the fuel prices for the last few years.
Transport is not the only sector where the spiral fuel prices are hitting hard but Industry, and other spheres have also been bearing the brunt of these unprecedented increases in the Petrol, diesel and LPG prices. The adverse affect is the overall inflation that has been burdening the common citizen while the government remains insensitive and a mute spectator. Petrol prices reached record highs on Tuesday after they neared the Rs 91 per litre mark in the national capital and diesel crossed Rs 81 a litre, as fuel prices were hiked again after a two-day pause.
Petrol and diesel prices were raised by 35 paise per litre each, sending retail rates to an all-time high, according to a price notification of state-owned fuel retailers.
The increase pushed petrol price to Rs 90.93 a litre in Delhi and to Rs 97.34 in Mumbai.
Diesel – the most consumed fuel in the country – was sold for Rs 81.32 a litre in the national capital and for Rs 88.44 in Mumbai. Fuel prices had risen for 12 straight days before hitting a two-day pause button on 21 and 22 February.
The increase follows a spurt in oil prices in the market, on which India is dependent to meet its 85 percent of crude oil needs.
Brent oil crossed USD 66 a barrel on Tuesday as US output was slow to return after a deep freeze in Texas shut production last week. The increase in fuel prices has been criticised by the opposition parties such as the Congress that said that the Narendra Modi government should have cut excise duty to ease consumer pain.
The Modi government had raised taxes to scoop out the benefit that arose from international oil rates plunging to a two-decade low in April/May last year. While global rates have rebounded with pick-up in demand, the government has not restored the taxes, which are at a record high. It is high time to reduce the taxes, as the common man is fuming over fuel prices. It is therefore, high time for the government to intervene to reduce the multiple taxed on the petroleum products and give a sigh of relief to the people
Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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