To the contrary the petrol and diesel prices in India have shown steep rise. The cost of a barrel of crude oil back in June 2014 was 115 USD (Rs 6330) which now stands at somewhere around 50-55 (3368.39) USD per barrel.
Since 2014 the price of petrol and diesel in India have been increased nine times as a result of increase in excise duties. In 2014 the excise duty on petrol was Rs 9.20 which in 2017 stands at Rs 21.48.
Similarly the excise duty on diesel was at Rs 3.46 in November 2014 which have been increased to Rs 17.33 as on January 2017.
Since June 16, dynamic pricing has been implemented and every morning the prices of petrol and diesel are revised at 6 AM.
As per government figures excise duty on diesel and petrol have registered an overall increase by 380 per cent and 120 per cent respectively.
The price of petrol in some states is as high as Rs 80.
As on September 17, the petrol price in Mumbai and Delhi stood at Rs 79.62 and Rs 70.51 per litre respectively. Similarly diesel price in Mumbai and Delhi was Rs 62.55 and 58.88 per litre respectively.
It should be noted that around 75-80 per cent of the difference in the prices goes to the government exchequer and only the remaining balance is transferred to the consumer.
As per views of economists and market experts the increase in prices of petrol and diesel have generated revenues worth Rs 5 lakh crore approximately.