YC sends mirror and bicycle to PM, Amit Shah, Pradhan and Irani to protest against fuel prices
While prices of petrol and diesel remained unchanged on Thursday, they have been increased over 20 times since May and four times in the first week of June
Protesting the hike in prices of petrol and diesel, Indian Youth Congress workers on Thursday sent a mirror and a bicycle by courier to the Prime Minister Narendra Modi, Home Minister Amit Shah, Petroleum Minister Dharmendra Pradhan and Textile Minister Smriti Irani among others. All three were vocal in protesting against fuel price hikes during 2012 and 2014 when international price of crude hovered around $140 a barrel.
The international price of a barrel of crude this week hovered around $70 a barrel after plunging to as low as $19 since 2015. Brent crude, the global oil-price benchmark, is nearing USD 72 per barrel for the first time in two years.
Petrol price on Sunday, June 6, however had crossed Rs 95 a litre in Delhi and diesel breached Rs 86 per litre mark for the first time ever as fuel prices were hiked again. Sunday’s hike, 20th since May 4, took fuel prices across the country to a historic high. Petrol prices breached the Rs 100 per litre mark in six states and union territories, namely Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana and Ladakh.
Oil marketing companies (OMC) kept petrol and diesel unchanged on Thursday across the four metros. Accordingly, in the national capital, petrol price on Thursday remained at Rs 95.56 per litre and diesel at Rs 86.47 per litre.
In Mumbai, Chennai and Kolkata, petrol on Thursday was priced at Wednesday's level of Rs 101.76, Rs 96.94 and Rs 95.52 per litre respectively, and diesel at Rs 93.85, Rs 91.15 and Rs 89.32 per litre, respectively.
With crude once again touching a high of around $72 a barrel, oil companies want to wait or pause in between before revising fuel prices.
Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.
Retail prices have risen after an increase in international oil prices on investors' optimism that improving demand and a dwindling supply glut may mean the market can absorb any additional production from OPEC and its allies.