The prices for petrol and diesel were hiked for the eight consecutive day on Sunday in Delhi and now, the petrol and diesel are almost similarly priced.
Ever since the lockdown has been eased out in the country, the rising fuel prices have been an increasing concern for all road users. On Sunday, the prices of petrol and diesel were hiked for the eight consecutive day across all metro cities in the country. In Delhi, the retail prices of petrol and diesel stood at Rs 75.78 per litre and Rs 74.03 per litre respectively on Sunday. More surprisingly, the price of diesel is now almost the same as petrol in the national capital region.
On this eight day of consecutive increase in the price of fuel, the price of petrol was hiked by 62 paise from Rs 75.16 per litre as it was on Saturday and the price of diesel was hiked by 64 paise from Rs 73.39 per litre. Meanwhile in Mumbai, consumer paid Rs 82.70 per litre for petrol and Rs 72.64 per litre for diesel. In comparison to Delhi, the price of diesel is marginally lesser in the national capital region than in Mumbai but the price of petrol is way more expensive.
As for other cities, residents in Chennai are shelling out Rs 79.53 for a litre of petrol while diesel costs Rs 72.10 per liter. In Kolkata meanwhile, petrol is being sold at Rs 77.64 per litre and diesel at Rs 69.80 per litre. The prices for petroleum products were hiked by 59 paise a litre and 58 paise a litre on Saturday in Delhi. The oil companies thus have been hiking the price of petrol and diesel in order to adjust retail costs after a long pause of over 80 days.
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The oil marketing companies had decided to freeze the rate of revision in mid-March as the government increased the excise duty on petrol and diesel in order to have additional finances for fighting the Covid-19 pandemic. Most oil companies such as Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) thus adjusted the excise duty hike against the fall in retails rates so the customer does not suffer.
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These revision of prices of petroleum products have been carried out throughout the country and not just in the major metro cities. The prices however vary from state to state depending on local sales taxes and VAT imposed by the state government. The automotive industry has anyway been struggling to come to terms with the Covid-19 situation and the rising fuel prices will be further blow to an already slow recovery process.
