While the media is inundated with reports, maybe as per planned strategy, that oil companies are facing losses on account of high prices of crude oil, due to US-Iran war, there is no mention of the fact that for more than two years, when crude prices hovered between $60-$80 these same companies raked in billions. All through this period we have been shelling out Rs100 per litre for petrol, which comprises about Rs 45/litre collected as Central and State taxes. Now with just under 12 weeks of rise in crude oil prices, the Government is dispensing doses of petrol hikes. Increase in petrol and diesel prices will have a cascading effect on cost of living, fuelling inflation spiral. Despite making huge gains during these past 2 years the government is unwilling to even temporarily make marginal cuts to taxes on petrol, to help the common man. Voters need to keep this in mind during the upcoming elections.
