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

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.

Petrol prices hiked by Rs 1.23 per litre, diesel by 89 paise.

Another foreign trip by #PM. Another petrol price hike.

— Friends of Congress (@friendscongress) June 1, 2017

When international Oil prices are at three-week low, Indian Govt hiked Petrol price by Rs 1.23 a litre and diesel by 89 paise a litre.

— Syed Maqbool (@maqbool_sm) May 31, 2017

Hiked petrol price today also #UTurnModi pic.twitter.com/VD02D74m9Z

— ashok (@ashok_adur) May 31, 2017

Whenever I saw a trend starts with Rs. I get to know that it's time to rush towards Petrol Pumps.
Petrol price hiked Rs 1.23/lt 😂😜

— Ashutosh Sam⏺🇮🇳 (@ashutosh_sam) May 31, 2017

4) Inflation getting Down
5) Petrol, Diesel half price compare to UPA Govt
6) Pakistan will Stop Cross border Terrorism
Where..?#UTurnModi

— ബട്ട് വൈ..? (@tittoantony) May 31, 2017

Breaking: Modi ji to recover his expenses of foreign visits from Indians 😊 "Petrol Price Hiked By Rs 1.23/lt & Diesel Price Hiked By 89p/lt"

— Abbas Hussain (@abbashussainn) May 31, 2017

Burden of #ModiFest! Petrol price hiked by Rs. 1.23 per litre and Diesel by 89 paise per litre.

— Maulin Shah (@maulinshah9) May 31, 2017

Now since petrol price has increased will Maharashtra government remove additional VAT imposed in April this year???#Petrol #Maharashtra

— Mihir Vaja (@Mihir_Vaja) June 1, 2017

@NarendraModi98 Once again #Petrol price increased by Rs. 1.23/litre and #Diesel by Rs. 0.89/litre. This is ur greatest achievement.

— suresh govindapillai (@gsuresh72227) June 1, 2017

Dont feel good about this!

Petrol price increased by ₹1.23/litre; diesel by ₹0.89/litrehttps://t.co/wqvq4IR1Gi
-via @inshorts

— Nirmal Vicknesh (@NirmalVicknesh) June 1, 2017

BEWARE Modi will increase petrol price even if OPEC burps. Fill your vehicle today itself. OPEC to cut production.https://t.co/gbNATuBR0J

— MATTS (@MATTSMATTS) May 22, 2017