Petrol price hiked by Rs 1.23 per litre, diesel by 89 paise; Price revisions to be more frequent?

Government officials had said that price revisions would be done everyday since May 1. The price rise is at par with the International oil market. People not happy with the rise and blame the Modi government for the fluctuation.

In what has left the country in a whole lot of confusion, the recent price rise of petrol and diesel has just added to the fluctuating prices of the same to meet the expectations of the international market. Government agencies are saying that the prices would be revised everyday from May 1. Currently, the price of petrol has shot up to Rs 1.23 per litre and diesel has gone up by 89 paise. 

Irking the common man, this move has raised many eyebrows when the state agents informed that the hikes exclude state levies and so the actual price increases could vary. It is to be noted that oil companies revise local prices every fortnight to align them with international rates, resulting in exchange rate fluctuations. Speaking to The Economic Times, the Indian Oil Corp said, "The current level of international product prices of Petrol & Diesel and INR-USD exchange rate warrant increase in selling price of Petrol and Diesel, the impact of which is being passed on to the consumers with this price revision."

The movement of prices in the international oil market and INR-USD exchange rates shall be monitored closely and developing trends of the market will be studied and reflected in future price changes. "It is good that we are following the international market. That makes me feel that India is growing as an advanced country. But where is the parity when the fuel prices in the international market is low and we are not the beneficiaries. If I am not wrong, they enjoy low prices of petrol for a long time. Whereas, here, we are subject to dynamic pricing. If we have a price hike, we suffer for a long time," says Debarshi Ganguly, an IT worker. 

"Everytime, the prices change, the petrol bunks are full and I have to struggle to fill up my bike. I waited for hours yesterday from 8 pm to 11:30 pm ever since the news of the price hike broke. It happes frequently these days and I am fed up of this fluctuating change," said Sanjana. 

Agreeing to Sanjana and Debarshi are Twitter users too.