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Prices in Delhi, Mumbai and Chennai have already reached record levels, while in Kolkata, it is inching close to a four-year-high level. In Mumbai, the prices rose beyond the Rs 86-mark to Rs 86.08.

Despite the decline in worldwide crude oil prices, fuel prices continue to soar in India. Brent crude is now priced around $76 per barrel.

Overall average prices for the United Kingdom have increased even more over the same period as a result, rising nearly 8.5ppl, although they have not increased every day.

The International crude oil prices dropped by 2.6 percent to $74.49 per barrel on Monday, their lowest level in about three weeks.

Though political parties blame each other for this situation, the common man is ending up paying higher prices because of a progressive increase in taxes.

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Super 95 petrol price will be revised upward 14 fils to Dh2.51 per litre from Dh2.37 per litre last month. We have advocated for bringing petroleum products under Goods and Services Tax (GST). In 2016-17, the government's revenue from the petroleum sector was Rs 5.24 lakh crore, accounting for 3.5 per cent of GDP. "Central government saves Rs 15 on every litre of petrol due to fall in crude oil prices".

The government raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October a year ago by Rs2 a litre.

Understandably, the petroleum price hike is not an issue only for the vehicle owners but it is also equally important issue for the entire citizenry.

Speaking to ANI, Pradhan said, "It is due to various circumstances in global (oil) market and mainly the value of Indian Rupee has reduced in comparison to US Dollar, which has led to a surge in oil prices". The tax may come in form of a cess, will kick in the moment oil prices cross $70/bbl.

The government is likely to call a meeting to find a solution to the price hike.


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