New Delhi: A day after Union Budget 2021, Rajya Sabha MP Subramanian Swamy posted a photo on Twitter comparing India’s fuel prices with that of neighbouring Nepal and Sri Lanka. Swamy who is known for no-nonsense approach when it comes to expressing his views wrote, “Petrol Rs 93 in Ram’s India, Rs 53 in Sita’s Nepal and Rs 51 in Ravan’s Lanka”. Clearly, Subramanian Swamy is not happy with the rising petroleum prices in the country. Notably, petrol and diesel prices have risen 10 times in January with the two auto fuels increasing by Rs 2.59 and Rs 2.61 per litre respectively this month. But for the last six days, fuel prices in the metro cities remained unchanged. Also Read - Petrol, Diesel Price Today: Why Fuel Won't Cost More Despite New Agri Cess
In Delhi and Mumbai, the petrol prices are at Rs 86.30 and Rs 92.86 per litre respectively. Diesel, on the other hand, was steady at Rs 76.48 per litre in the national capital and Rs 83.30 per litre respectively, the highest among all four metros. The high retail price in the country is despite the global crude price at USD 55 per barrel, a lot lower than USD 80 a barrel in October 2018 when petrol and diesel prices had first reached historic high levels.
Earlier on Monday, the government imposed agriculture and infrastructure development cess at the rate of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel to mobilise additional resources required for the massive investment required in these two key segments of the economy that hold the key to bringing back the country on the path of growth.
However, to prevent the additional cess from impacting the retail price of two petroleum products that have already reached historically high levels across the country, Finance Minister Nirmala Sitharaman announced that rates of basic excise duty and special additional excise duty on petrol and diesel are being reduced from the existing levels.