April 13, 2024


Delighting finance buffs

Petrol price hiked by 62 paise per litre, diesel by 64 paise for 8th day in a row

Petrol price on Sunday was hiked by 62 paise per litre and diesel by 64 paise for the eight-day in a row amid the coronavirus-induced lockdown. In eight hikes, petrol price has gone up by Rs 4.52 per litre and diesel by Rs 4.64.

While the petrol price in Delhi was hiked to Rs 75.78 per litre from Rs 75.16, diesel rates were increased to Rs 74.03 per litre from Rs 73.39, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

This is the eighth daily increase in petrol and diesel rates in a row since oil companies on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

Reacting to the increase in petrol and diesel prices, a commuter said it was an extra burden during the lockdown which has rendered many jobless.

Shiv Sena leader Priyanka Chaturvedi showed concern about the rising petrol and diesel prices in a tweet and said, “This rapid increase in diesel and petrol prices, just when, economic activity is picking up is extremely concerning.”

The Congress on Saturday accused the BJP-led government of burdening the common man with high taxes on petrol and diesel and earning Rs 2.5 lakh crore since March 5.

Congress leader Kapil Sibal said while international crude oil prices have fallen and are at the lowest level in 15 years, yet petrol and diesel prices are skyrocketing and common people continue to suffer under the Modi dispensation.

He said instead of passing the benefit of lower crude prices to consumers, petrol and diesel prices were hiked.

The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices.

(With PTI inputs)

Read | Oil prices remain volatile after hitting 4-year low amid coronavirus scare

Also read | Biggest cut in oil prices since 1991. Will your fuel bill crash?

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