New Delhi, May 23 2012, (PTI): In the steepest ever hike, petrol price was increased today by Rs 7.50 a litre with effect from midnight tonight.
State-owned oil firms said they will raise petrol price by Rs 6.28 per litre excluding local sales tax or VAT. The hike translates into Rs 7.50 per litre in Delhi.
Petrol in Delhi currently costs Rs 65.64 a litre and after the increase it will be priced at Rs 73.14 per litre
In the past I have asked for RTI to be filed to know how cost per petroleum products produced (multi bye products including LPG are produced) when crude oil is cracked. But we are still in dark!According to one Left Leader- fuel costs are arrived at international cost of production, while in India they are not even half- as labour, electricity,water & transport are cheaper compared to West.All Fuel prices are only half of their final rate as they consist of- Import duties & surcharge by Center, State levies & VAT by States which constitute sometimes more than half!
Wrong Notion- Petrol is used by rich- in reality those who cannot afford 4 wheelers or diesel vehicles are forced to buy 2 wheelers & 4 wheelers using petrol as fuel. A surcharge is levied to subsidise diesel, kerosene & some other petroleum products which are wasted most of the time & are used to add to petrol to make a windfall by black marketeers.
Rich farmers who undertake mechanised farming are subsidised by poor & middleclass.Gold & Diamonds are Duty Free which is not essential commodity like petrol for the Development of our Country!
The Best Economist to have adorned the seat of PM has become a legacy & a thorn in the flesh of Aam Aadmi- by whose vote catapulted his party to power in 2004 when he was fed up with NDA's India Shining slogan( only politicians where shining, while aam aadmi was suffering then too).As long as we are ruled by these INSENSITIVE Politicians whom we are carrying on our shoulder hoping they would bring us up where as they are placing their feet on our head & trampling us thinking we are fools who don't know Economics or doesn't remember all these wrongs as Election is 2 years away.