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Petrol, diesel prices hiked for the fifth consecutive day

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Petrol and diesel prices touched a new high on Saturday following the hike in prices for the fifth consecutive day. As per available details, the petrol price in Delhi was increased by 30 paise from Rs88.14 per litre to Rs88.44. Diesel price was hiked by 36 paise to Rs78.74.

Petrol prices are at an all-time high of Rs88.44 per litre in Delhi and Rs94.93 per litre in Mumbai. Thanks to the other taxes, Delhi residents will have to pay Rs94.93 for one litre of petrol and Rs85.70 per litre for diesel.

Petrol price in Chennai now stands at Rs90.70 per litre, while that of diesel is Rs83.86 per litre. In Kolkata, petrol, and diesel retailed at Rs89.73 per litre and Rs82.33 per litre. In Bengaluru, it cost Rs91.40 a litre for petrol and Rs83.47 a litre for diesel.

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About the petrol/diesel price hike

The latest hike has been made by all the three oil marketing companies- Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum. The price of fuel is linked to global crude oil rates. Foreign exchange rates also determine the final price of crude oil imported by the country.

The fuel rates vary from state to state due to the value-added tax. Oil Minister Dharmendra Pradhan had earlier told the Rajya Sabha that the government is not considering a reduction in excise duty to bring down the rates.

Earlier international crude oil prices crossed $61 per barrel for the first time in over a year and this resulted in further price hikes in the country. Central and state taxes account for 61% of the retail selling price of petrol and 56% of diesel.

“Petrol is cheaper in Mother Sita’s land Nepal and Ravana’s land Lanka. Then will the government reduce petrol-diesel prices in the land of Ram,” Samajwadi Party MP Vishambhar Prasad Nishad had questioned the petroleum minister in the Rajya Sabha.

 

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