In May 2014, crude oil priced at $ 105.71 a barrel, while in India the petrol price was Rs 71.41 and diesel at Rs 56.71. In December 2020, when crude oil was at $ 47.58 a barrel, petrol in India increased to Rs 90.34 and Rs 80.51.
What is becoming a major headache for the Indian people today is the high cost of petrol and diesel. No matter which party is in power, it is only the common people who affected by the increase in petrol and diesel prices. Therefore, even political parties have been staging protests and demonstrations during the hike in petrol and diesel prices.
The same BJP government that ruled in the middle also staged several protests during the Congress regime while during the petrol price hike. However, under the current government, taxes have been still increased and petrol and diesel prices have continued to rise.
In this context, the list of crude oil, petrol and diesel prices from May 2014 to December 2020 is going viral on social media. The list has been shared on Twitter since last January.
In March 2015, Petroleum Minister Dharmendra Pradhan published information on crude oil prices and petrol and diesel prices during the 2009 and 2014 Congress regimes on pib.gov.in. 2014 saw a rise in global crude oil prices. After that, it suffered a major setback.
In December 2020, the maximum was $ 49 a barrel of crude oil. A litre of petrol and diesel sells for Rs 83.71 and Rs 73.87 in Delhi, respectively, while the maximum in Mumbai is Rs 90.34 and Rs 80.51. The increase in excise duty by the federal government during the 2020 Corona period is the reason for the decline in crude oil and the increase in petrol prices.
In July last year, we published an article detailing the transportation of crude oil in India, from refining to sales to the public (excise + VAT) and other charges, including the dealer.
Even in the recent financial statements of the Central Government, it was announced that there would be an agricultural cess tax on petrol and diesel. In February 2021, petrol prices in India reached new highs.
As of February 4, 2021, the price of a barrel of crude oil was $ 59 while the price of petrol in the capital Delhi was Rs 86.65 and the maximum in Mumbai was Rs 93.20. According to the Delhi price, the excise duty is Rs 32.98 per litre and the state VAT is Rs 19.55 per litre.
In May 2014, the Indian value of the US dollar was 60.22 rupees. At that time, a barrel of crude oil was worth Rs 6,383.32 in India ($ 106 X 60.22 a barrel = Rs 6,383.32). The equivalent value of the Indian dollar to the US dollar in December 2020 was 73 rupees. In December 2020, the price of crude oil in India was Rs 3,577 per barrel ($ 49 X 73 per barrel = Rs 3,577).
Even if the crude oil price drops internationally, it will not cause a change in prices in India. On the contrary, it is an attempt to show that the price is right by raising. In India, ordinary people are disagreeing with the exorbitant taxes on petrol and diesel.