Center flies over ‘endless’ fuel price hike, calling it ‘extortion’

The Congress on Wednesday condemned the Center for raising the price of fuel “endlessly” and termed it as “extortion” by the Modi government.

On Twitter, the party’s general secretary Randeep Surjewala said: “Everyday attacks ..

Everyday extortion .. every day exploitation .. Modi government is continuing uninterruptedly with the budget of common people!

“The 8th increase today has taken #PetrolDieselPriceHike to 5.60 / liter. Does this “loot” have an end date? Is the Prime Minister incapable of being accountable to the people? Is there an answer? “He added.

This morning, for the eighth time in nine days, the retail price of petrol and diesel has been increased.

Congress MP Shashi Tharoor said: “Who told the BJP that drip torture is more marketable to the people than guillotine?”

Until last Tuesday, fuel prices had remained stable since November 2021 when the Center reduced excise duty on petrol and diesel by Rs 5 and Rs 10 per liter, respectively.

Oil marketing companies (OMCs) revise transportation fuel costs based on a variety of factors, such as the exchange rate of the rupee to US dollars, the cost of crude oil, and fuel demand, among others.

As a result, the final price includes excise duty, value added tax and dealer commission.

It was widely expected that OMCs would revise current prices due to higher crude oil prices.

Recently, crude oil prices have been volatile amid fears of tight supplies due to sanctions against Russia.

The price range of crude oil is a matter of concern for India as it could eventually add Rs 10-15 to the selling price of petrol and diesel.

At present, India imports about 85 percent of its crude oil requirements.

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