People angry as Indian oil companies hike fuel prices again in less than a month

People angry as Indian oil companies hike fuel prices again in less than a month

People angry as Indian oil companies hike fuel prices again in less than a month

Written by Staff Writer

12 Apr, 2016 | 4:40 pm

People across India have criticized a decision of oil companies to raise fuel prices which they say will stoke inflation.

Oil companies raised petrol price by INR 2.19 (USD 0.03) and diesel price by INR 0.98 (USD 0.014) per litre on Monday (April 4).

A large queue was seen at gas stations across the country as people rushed in to fill their tanks before the new prices became effective from Monday midnight.

People were angry as the decision to increase prices came at a time when international oil prices nosedived.

“Pressure on the common man is increasing daily. The government is burning a hole in our pockets. I don’t know when inflation will stop. The government only keeps promising good governance but does not provide solutions. After a few days, fuel prices are raised,” said a customer in Delhi, Vikas Sharma.

The more than three percent hike comes in three weeks after oil companies increased the petrol prices by more than 5 percent on March 17.

The country’s commercial capital, too, witnessed angry reactions from people.

“The upper middle class can afford it. To some extent, even the middle class can. But for the lower class which includes truck drivers etc, even INR 1 (USD 0.015) is a lot. If they purchase 10 -12 litres at once, it will lead to a significant difference in cost. I don’t think prices should be hiked. Instead, prices should be regulated,” said a Mumbai customer, Sagar.

Fuel prices in India are deregulated and linked with market rates.

While oil prices continued to drop in international market, Indian fuel prices have been increasing rapidly.

Source: Reuters 

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