Even as the government has taken notice of unabated price rise in essential fuels including petrol and diesel and industry body FICCI citing the issue has called for immediate excise duty cuts on Monday, no stern action has been taken to control daily price rise.
It is to be noted that since the Karnataka poll took place on May 12, price of fuel products has been on a rising trajectory, increasing by as much as 30 paise on a daily basis. The daily revision in petroleum products price at par with international pricing model was allowed since mid-June last year.
Prices have gained for the ninth consecutive day on Tuesday, in the national capital petrol is priced at Rs. 76.87; Rs 79.53 in Kolkata; Rs 84.70 in Mumbai; Rs 79.79 in Chennai and Rs 78.12 in Bengaluru. While diesel also was priced higher and breached Rs. 68 mark for the first time in Delhi; Rs 70.63 in Kolkata; Rs 72.48 in Mumbai; Rs 71.87 in Chennai and Rs 69.25 in Bengaluru. Fuel products vary from state to state depending on state levies.
The government on the matter said that it is closely watching the situation and mulling swift steps to curb daily price increase of petroleum products. Nonetheless it is yet not considering revising excise duty lower, which contributes majorly to price rise.
Currently, petrol and diesel prices are at their record highs in India. And despite pleas from the general public at large, the concerned authorities have not been able to provide pragmatic solution to deal with the daily fuel price rise.