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Petrol, diesel prices increased for 21st time again

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Oil Marketing Companies increased the price of Petrol and Diesel for the 21st consecutive day on Saturday. The price of diesel ws hiked by 21 paise a litre while petrol has become dearer by 25 paise a litre. Since the price hike began, the cost of petrol has gone up by Rs 9.12 a litre while that of diesel is up by Rs 11.01 a litre. The price rise has resulted in petrol and diesel costing above Rs80 a litre in Delhi. Petrol prices are now at a 19-month high while diesel is at an all-time high in the country.

The hike in prices will reflect differently in different cities of the country depending on the incidence of value-added tax (VAT) imposed by the respective state governments. Oil Marketing Companies began an upward revision of oil prices in the country from June 7 onwards. The companies had not increased the retail price of fuel during the 82-day lockdown that was imposed in the country to counter the spread of COVID-19 in the state. The companies had suffered losses during the lockdown due to a fall in demand too.