Government is poor, needs more taxes: P Chidambaram on fuel price hike

By: |
June 8, 2020 10:01 PM

"Fuel selling prices raised twice in two days, following tax hikes two weeks ago. This time to benefit oil companies. "Government is poor, it needs more taxes. Oil companies are poor, they need better prices. Only the poor and middle class are not poor, so they will pay," he said on Twitter.

P Chidambaram, fuel price hike, oil companies, BPCL, IOC, Fuel selling prices, HPCL, BPCL, latest news on P ChidambaramSenior Congress leader P Chidambaram (File photo: IE) 

Senior Congress leader P Chidambaram on Monday took a dig at the government for raising fuel prices, saying it is poor and needs more taxes while the poor and middle class will continue to pay.

“Fuel selling prices raised twice in two days, following tax hikes two weeks ago. This time to benefit oil companies.
“Government is poor, it needs more taxes. Oil companies are poor, they need better prices. Only the poor and middle class are not poor, so they will pay,” he said on Twitter.

Petrol and diesel prices were hiked by 60 paise per litre each on Monday for the second day in a row as state-owned oil firms reverted to daily price revisions after a hiatus of almost three months.

Petrol price in Delhi was hiked to Rs 72.46 per litre from Rs 71.86 on Sunday, while diesel rates were increased to Rs 70.59 a litre from Rs 69.99, according to a notification of state oil marketing companies.

This is the second daily increase in rates in a row. Oil companies had on Sunday raised prices by 60 paise per litre on both petrol and diesel after ending an 82-day hiatus in daily rate revision.

Daily price revision has restarted beginning Sunday, an oil company official said.

Oil PSUs, Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), had put daily price revisions on hold soon after the government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1PM Modi says street vendors play important role in Uttar Pradesh’s economy; hails banks for this reason
2RBI asks lending institutions to implement waiver of interest on interest scheme
3With winters near, will India’s economy freeze? Twin trends to understand country’s road to recovery