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Wednesday, July 15, 2020

Fuel price raised for 12th successive day: Petrol hiked by 53 paise, diesel to cost 64 paise more in Delhi

Fuel prices today: Petrol rose to Rs 77.81 a litre from Rs 77.28 in the national capital, while diesel climbed to Rs 76.43 per litre from Rs 75.79, data available with the Indian Oil Corporation (IOC) showed. With this hike, petrol has now gone up by Rs 6.55 per litre and diesel has risen Rs 7.04 a litre in Delhi in the past 12 days.

By: Express Web Desk | New Delhi | Updated: June 18, 2020 11:19:59 am
Petrol diesel demand to pick up as govt allows trucks to ply, some industries to resume ops, petrol news india, diesel news india, commodity market news, business news india, indian express business news Today’s fuel price rise marks the 12th consecutive day of the increase in the rates since the state-run oil marketing companies (OMCs) on June 7 restarted revising prices daily in line with the costs, ending their 82-day hiatus. (Photographer: Luke MacGregor/Bloomberg)

Fuel prices today: Petrol and diesel prices rose for the 12th consecutive day on Thursday with petrol climbing by 53 paise a litre and diesel by 64 paise in Delhi.

Petrol rose to Rs 77.81 a litre from Rs 77.28 in the national capital, while diesel climbed to Rs 76.43 per litre from Rs 75.79, data available with the Indian Oil Corporation (IOC) showed.

With the latest hike in the fuel prices, petrol has now gone up by Rs 6.55 per litre and diesel has risen Rs 7.04 a litre in Delhi in the past 12 days.

Prices of the key auto fuels have been hiked across India depending on the local sales tax or value added tax (VAT) of different states.

Among the other metro cities, in Mumbai, a litre of petrol today was quoted at Rs 84.66 a litre, up from Rs 84.15, while diesel was retailing at Rs 74.93 per litre, up from Rs 74.32 on Wednesday. Likewise in Kolkata, petrol was selling at Rs 79.59 today, up from Rs 79.08, while diesel was at Rs 71.96, up from Rs 71.38. In Chennai, petrol today was at Rs 81.32, up from Rs 80.86 and diesel at Rs 74.23, up from Rs 73.69, according to the data available on Fuel@IOC app.

Today’s fuel price rise marks the 12th consecutive day of the increase in the rates since the state-run oil marketing companies (OMCs) on June 7 restarted revising prices daily in line with the costs, ending their 82-day hiatus.

The daily rate revision of fuel prices was suspended by the OMCs since mid of March after the central government hiked excise duty on petrol and diesel to mop up extra revenues from taxes. The base price of the auto fuels was unchanged for the next 82 days thereafter.

Instead of passing on the excise duty hikes to customers, the state-run OMCs — IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL), had adjusted them against the fall in the retail rates that was warranted because of fall in international oil prices. However, global prices have since recovered from their lows and the OMCs are now adjusting the prices in line with them.

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