Although the price of petrol and diesel have finally stabilized after 21 days of consecutive hikes, diesel is still more expensive than petrol by 10 paise in Delhi. Diesel is however cheaper than petrol in other cities.
The month of June was an absolute shocker with fuel prices sky rocketing like never before. In June, the price of petrol and diesel were hiked for 21 consecutive days until it finally stabilized a couple of days ago. But the real shock was when the price of diesel went on to become more expensive than that of petrol in Delhi on June 24 after several days of consecutive price hikes. It was the first time ever that diesel was more expensive than petrol in Delhi.
Even now, after the prices have stabilized, a liter of diesel is still more expensive than a liter of petrol. As of yesterday, the retail price of diesel in Delhi was Rs 80.53 per liter while the retail price of petrol was Rs 80.43 per liter. That means diesel is still more expensive than petrol by 10 paise. In fact, Delhi is the only city that is retailing diesel at a price higher than that of petrol. In all other cities, petrol is still the more expensive fuel.
For example, in Mumbai, prices for petrol on the 1st of July was Rs 87.19 per liter. Meanwhile, a liter of diesel in Bombay retailed for Rs 78.83. That’s a difference of Rs 8.36 per liter. Similarly, in Chennai, the prices of petrol and diesel per liter as of 1st of July were Rs 83.63 and Rs 77.72 respectively. Here again, the difference in the prices were of Rs 5.91 per liter. As for Kolkata, the retail prices of petrol and diesel per liter on 1st of July were Rs 82.10 and Rs 75.64 respectively. In Kolkata, the difference is thus of Rs 6.46 per liter.
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In fact, this is the usual difference in the price between the two fuels that we are used to seeing. Out of all the metro cities, it is Mumbai which has the highest price of petrol currently and it is Delhi which has the highest price of diesel. By June 24, when the price of diesel overtook that of petrol after 18 days of consecutive hikes, the cumulative increase in the price of petrol in Delhi was Rs 9.41 per liter while the cumulative increase in the price of diesel was by Rs 9.58 per liter.
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This sudden inflation in price of fuel comes about due to the coronavirus pandemic. This aftershock was somewhat expected due to dipping global crude oil prices which hit a 21-year low of $15.98 per barrel in April because of lockdowns imposed in several countries. However, with easing restrictions on transportation and industrial activity since then, global oil rates have recovered to some extent with increased fuel demand across the globe.
