Karnataka Dy CM DK Shivakumar took a jibe at the Centre, calling the recent fuel price hikes a 'gift' from the BJP. Petrol and diesel prices were increased for the third time in less than 10 days, alongside a hike in CNG prices.
Karnataka Deputy Chief Minister DK Shivakumar on Saturday took a jibe at the Centre over the recent fuel price hikes, labelling it a "gift" from the BJP-led Central government.
Speaking to reporters in Bengaluru, Shivakumar said, "Every day, there is a hike. Every day, there is a big chaos among the public. This is a gift being given by the BJP government."
Petrol and diesel prices were increased again across major metropolitan cities on Saturday, marking the third fuel price hike in less than 10 days amid continuing volatility in global energy markets.
Fuel Prices Rise Across Metros
His remark comes after Compressed Natural Gas (CNG) prices have been increased by Rs 1 per kg with effect from Saturday, issued by Indraprastha Gas Limited (IGL), adding to the commuting burden for users of CNG-powered vehicles.
The latest revision comes alongside fresh hikes in petrol and diesel prices across major metropolitan cities. The latest revision also pushed petrol and diesel prices higher in all four metros. In Delhi, petrol rose by 87 paise to Rs 99.51 per litre from Rs 98.64, leaving it just 49 paise short of the Rs 100 mark. Diesel in the capital is up 91 paise to Rs 92.49 per litre from Rs 91.58.
Reasons For The Price Surge
Fuel prices in India are revised based on international crude and gas rates, exchange rates, and local levies. The recent increases come amid elevated global energy prices due to ongoing West Asia tensions and supply concerns, which have kept both crude oil and natural gas markets volatile.
Impact on Economy and Households
The back-to-back hikes in CNG, petrol, and diesel are set to raise transport and logistics costs, with potential knock-on effects on inflation. For households, the impact will be felt through higher commuting expenses and possible increases in prices of goods transported by road.
While several countries across the world witnessed sharp increases in petrol and diesel prices following the West Asia crisis and disruption around the Strait of Hormuz, India recorded one of the smallest increases in retail fuel prices, with cumulative hikes of around 5 per cent despite rising global crude oil prices. The increase came after nearly 76 days during which domestic fuel prices were largely held steady despite volatility in international crude markets. Globally, however, fuel prices rose sharply during the same period.
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)