Petrol price hike sets Twitterati’s imagination on fire

By: |
New Delhi | Updated: May 22, 2018 6:34 PM

Due to the surge in prices because of rise in international oil prices, the government has been on the receiving end of the backlash since the hikes because of the taxes imposed on the petrol.

Petrol and diesel prices have skyrocketed.

Petrol and diesel prices have skyrocketed. While petrol prices has reached Rs. 76.57 in Delhi, it touched Rs. 84 in Mumbai. Due to the surge in prices because of rise in international oil prices, the government has been on the receiving end of the backlash since the hikes because of the taxes imposed on the petrol. Fuel prices differ from state to state, depending on the percentage of tax levied on it.

Under the previous government, petrol and diesel prices were regulated by the government, meaning government controlled the prices of fuel from rising by giving subsidies even when international oil prices were on the rise. But as the NDA took over, it deregulated the petrol, giving autonomy to the oil companies to regulate the prices. Hence even when the international oil prices fall, its benefit is not always transmitted to consumers. In 2017, the government came up with a daily price revision scheme under which fuel prices are revised on a daily basis. People who will have to pay more for petrol are now disappointed with the recent hikes.

This is how people are reacting to petrol price hike on twitter

People are unhappy with rise of petrol price. They are asking political parties and celebrities to raise their voice against the recent hikes and also now demanding that hikes should be recalled.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

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

Next Stories
1Jammu and Kashmir: Full statehood top agenda for Congress in meeting with PM Modi, non-committal on Article 370
2Narada case: Justice Aniruddha Bose recuses from hearing pleas of CM Mamata Banerjee, Law minister
3Rahul Gandhi releases Congress White Paper on COVID-19; asks government to prepare for third wave