The government has decided to hike petrol prices by 64 paise per litre while reducing the prices of diesel by Rs 1.35 per litre.
This is the second hike in petrol prices within the last one month. The BJP led government had raised the petrol prices by a whopping Rs 3.13 per litre and diesel by Rs 2.71 per litre.
Opposition parties have long questioned the rationale behind hiking petroleum prices particularly the crude oil prices in international market had come down significantly.
In 2014, when the BJP won a landslide victory in the Loksabha elections, the crude oil price in international market was close to $140 per barrel. This has now come down to $ 64 per barrel. But, the petroleum prices have continuously become expensive over the last one year.
Unlike India, developed countries such as UK have seen the petroleum prices come down in relation with the reduction of Brent crude oil price.