The ever increasing fuel prices are upsetting the delicate balance between income and expenditure of the common man of India. Already faced with salary cuts, unemployment and the imminent fear of Corona, the Indian populace has to also face the wrath of the Oil Marketing Companies that have been hiking the price of petrol and diesel to levels beyond the capacity of the common man.
The cruelty and inhuman approach of the OMCs and the Government is clearly evident in the fact that when the country is going through the pandemic and struggling to make ends meet, fuel rates have been hiked to a never before extent of Rs 8.98 for diesel and Rs 8.33 for petrol within a span of a fortnight. This will break the back of the consumers and manufactures alike in all sectors as a hike in fuel prices directly and immediately impacts the price index.
Owing to this steep price hike, the inflation curve will be on an elongated basis starting from hike in transportation of all goods including the most essential medical supplies etc in these crucial times. The prices of basic food items will skyrocket and cause a spiraling effect on the home budgets. With the pandemic in full swing and closure of public transportation, more and more people are relying on personal transportation and the fuel prices are going beyond the purchasing capacities of people who have either lost their jobs or are suffering from salary cuts or loss of business.
The main cause for the current price hike is the increase in excise duty even when the prices of oil were crashing, infact the present duty increase is the highest in recent times. The Government stand at that time was that this hike in duty will not be passed on to the consumer but now the OMCs and Government has gone back on their word and are increasing prices on a daily basis to meet the target of the amount increased in duty. The reasons being given to cover up the hike is that this will help the states earn surplus income. Perhaps the Government should realize that this is no time to play the game of profiteering when the country is going through the fear of a pandemic.
Each state including Goa should think about cutting the duty at their ends because by doing so, the states are not going to be in loss but they will only forsake a portion of the additional revenue and in these catastrophic times, the states can definitely think in terms of social welfare and humanity rather than in terms of revenue generation.
If the Governments whether Central or State are truly intent on reviving the economy that has been affected by Corona, then this fuel price hike is an action in just the opposite direction and will in no way help to salvage the struggling small businesses, traders, essential and perishable goods market and will surely compound the current economic slowdown.
I implore the CM of Goa to bet on Welfare rather than the bonus of revenue that could be generated from the fuel hike on daily basis and act swiftly to freeze the state-side duty on petrol and diesel in Goa to pre-hike status so that the impact of the fuel hike is softened on the people of Goa.
