Kochi: The petrol and diesel prices in the state scaled an all-time high with petrol retailing at Rs 80.01 per litre in Thiruvananthapuram and diesel at Rs 73.06 on Saturday. Petrol price has gone up Rs Rs 1.05 per litre in the past five days. Diesel prices have also shown a similar spike in the past five days after the oil marketing companies resumed daily price revising mechanism that was suspended for nearly two weeks coinciding with the elections in Karnataka.
Although the prices have soared, the central and state government have shown no inclination to cut the tariffs to ease the burden on the common people. The central government roughly earns Rs 19.48 as excise and customs duties from a litre of petrol and Rs 15.33 from diesel. The state government earns Rs 18.89 per litre of petrol and Rs 14.58 from diesel. Out of the Rs 80 paid by the ordinary folks for a litre of petrol, Rs 38.37 will go into the kitty of the central and state governments.
The central excise has been revised nine times between November 2014 and January 2016 by the centre to shore up its income as the crude oil prices crashed globally. The people are apprehensive that the prices will rise further as the crude oil price in the international market is spiralling. It is now hovering around $80 per barrel compared to $50.60 in May 2017. Oil industry watchers feel that the oil price in global market may hit $100 per barrel before showing any downward sign.
