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March 19, Monday 2018 4:25 PM       

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       Fuel prices on the rise for the sixth consecutive day
         Posted on :22:29:28 Mar 6, 2018
       Last edited on:22:29:28 Mar 6, 2018
         Tags: Fuel prices on the rise for the sixth consecu

NEW DELHI: The fuel prices in India has been continuously on the rise since the past six days. The oil companies owe the price rise to the change in the price of crude oil in the global market.

On Tuesday, price of petrol has gone up by six to seven paisa per litre, while the price of diesel has gone up by seven to eight paisa. The price of petrol in Thiruvananthapuram has increased by Rs. 1.62, and that of diesel by Rs. 0.93 in the past four days. The price of petrol is Rs. 76.28/l and that of diesel is Rs. 68.35/l in the city as of today.

The practice of changing fuel prices on a daily basis began in India since June 2017. The fuel prices would be revised at 6.00 every day.

There is a criticism that the oil companies keep increasing the fuel prices according to their whims as there is no arrangement at government-level to control this. Besides, the various taxes on fuel levied by the state and the central governments also add to the raise of fuel prices.

There is also an allegation that the oil companies that increase the fuel prices when the oil price in the global market goes up, does not reduce the prices when the inverse happens.

Meanwhile, the oil price in the global market has risen for the third continuous day, based on the prediction that the demand for crude oil in the market would increase.

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