Cut petrol, diesel prices: CPI-M

New Delhi, Sept 14: The CPI-M has demanded a substantial cut in petroleum and diesel prices, citing the drastic fall in intertiol prices of crude oil. The petrol price per litre was ranging from Rs 70 to 79 in various cities, making it an average of Rs 74 per litre. The diesel price was around Rs 61-62 a litre.  Ever since the daily price revision was introduced, the price of petrol had gone up by over Rs 6.17 per litre since July 1. It said India imported 85 per cent of its oil requirements, and so the intertiol price of crude oil had a direct bearing on petrol and diesel prices at home. The intertiol price of crude oil had fallen drastically in the past three years, it pointed out. “This is due to the high taxes levied on petroleum products,” said the Communist Party of India-Marxist. The government has hiked excise duty on petrol and diesel 11 times since November 2014. Besides, there were state level taxes.

“If the excise duties had not been increased so sharply, disposable income would have increased in the hands of the consumers, which would have led to an increase in the purchasing power of the people and revived demand for a whole host of goods.” (IANS)