Pinarayi Vijayan said that Kerala was a consumer state and the spike in fuel prices caused price rise of essential commodities, creating ‘severe difficulties for the people
Pinarayi Vijayan, the Chief Minister of Kerala on Wednesday asked the Government of India to stop hiking excise duties on Petrol and Diesel.
The CM said that Kerala was a consumer state and the spike in fuel prices caused price rise of essential commodities, creating ‘severe difficulties for the people
Pinarayi added that the Government of India hiked the Excise Duties on the fuel even when the prices of crude oil fell in the international market.
“Spike in fuel prices causes price rise of essential commodities, creating severe difficulties for Kerala, a consumer State. Even as prices of crude oil falls in the international market, GoI hikes excise duties on it. This should be stopped,” he tweeted.
It is pertinent to mention here that the current price of Petrol in Kerala is Rs 94.9 per litre.
Petrol prices in India are revised daily, and this is called the dynamic fuel price method. Petrol and diesel rates are revised at 06:00 AM every day.
Price of fuel includes excise duty, value added tax (VAT), and dealer commission. VAT varies from state to state. After adding excise duty, dealer commission and VAT, the retail selling price of the petrol gets nearly doubled.
Fuel prices rose for 16 times in last month (May), setting new records on Monday, May 31. State oil companies raised rates of Petrol and Diesel by ₹3.83-4.42 per litre in May even as crude oil prices have largely traded between $67 and $69 per barrel.