Continuing to burn a hole in the common man's pocket, fuel prices continued their wild run with petrol and diesel rates being hiked for the 12th consecutive day on Saturday, February 20, across the country.
In Mumbai, petrol neared Rs 100. As of February 20, the cost of one litre of petrol has reached Rs 97 per litre after an increase of 38 paise on Saturday. On the other hand, diesel has jumped to Rs 88.06 per litre in the city.
In Delhi, petrol price was increased by 39 paise per litre, while diesel costs 37 paise a litre. Following the increase, petrol climbed to Rs 90.58 per litre and diesel has been hiked to Rs 80.97 per litre in the national capital. It is for the first time ever that petrol has crossed Rs 90 and diesel Rs 80-mark in Delhi.
In February, petrol prices have gone up by Rs 4.29 per litre and diesel by Rs 4.31 per litre in Delhi so far. Prices of the two fuels have increased around 24 times this year, with petrol and diesel rates hiked by Rs 6.87 and Rs 7.1 per litre respectively in 2021.
Petrol above Rs 100 in Rajasthan and Madhya Pradesh:
In Madhya Pradesh, petrol prices have surpassed the Rs 100-mark in cities like Anupur ( Rs 100.95/litre), Badwani (Rs 100.9/litre); Balaghat (Rs 100.03), Burhanpur (Rs 100.21/litre); Chhindwara (Rs 100.07/litre); Dindori (Rs 100.21); Harda (Rs 100.17/ litre); Neemach (Rs 100.19/litre); Panna (Rs 100.45/litre); Rewa (Rs 101.02/litre); Shahdol (Rs 100.85/litre); Sheopur (Rs 100.45/litre) and Umaria (Rs 100.36/litre).
Similarly, in Rajasthan's Ganganagar and Hanumangarh petrol rates have surged to Rs 100.83/litre and Rs 100.82/litre, respectively.
Amid skyrocketing fuel prices, opposition parties are slamming the Centre and have demanded an answer from PM Modi on why people are being made to pay so much when international crude oil prices are low.
Congress chief spokesperson Randeep Surjewala alleged that the government has become a "curse" for people as it has imposed high taxes on petrol and diesel. On the other hand, PM Modi blamed the erstwhile UPA government for the current hike in fuel prices. The prime minister said that if the previous government had focused on reducing India's energy import dependence the fuel prices would not have jumped to this level.
Why are fuel costs rising?
Many believe that the increase in international crude oil prices is the reason for towering fuel prices, but it cannot alone be blamed for it. The increase in the Centre's excise duty and states' Value Added Tax (which vary from state to state) are two other reasons for the fuel price hike.
In fact, international oil prices have fallen over the past two days, retreating further from recent highs as Texas energy companies began preparations to restart oil and gas fields shuttered by freezing weather and power outages. Brent Crude futures on Friday ended the session down $1.02, or 1.6 per cent, at $62.91 a barrel.
Talking about the Centre's excise duty, the government hiked excise duty on petrol by Rs 13 per litre and diesel by Rs 16 per litre in the current fiscal year. This in turn helped it shore up revenues when all other tax revenue collections were hit hard.
Net union excise duty was budgeted at Rs 2.67 lakh crore in FY21; however, the revised estimate is much higher at Rs 3.61 lakh crore, an addition of Rs 94,000 crore.
Check latest and revised petrol prices today
- Price of petrol in Delhi today, February 20- Rs 90.58/litre
- Price of petrol in Mumbai today, February 20-Rs 97/litre
- Price of petrol in Chennai today, February 20-Rs 92.59/litre
- Price of petrol in Kolkata today, February 20-Rs 91.78/litre
- Price of petrol in Hyderabad today, February 20-Rs 94.18/litre
- Price of petrol in Bengaluru today, February 20-Rs 92.54/litre
- Price of petrol in Gurgaon today, February 20- Rs 88.54/litre
- Price of petrol in Noida today, February 20-Rs 88.92/litre
Check latest and revised diesel prices today
- Price of diesel in Delhi today, February 20- Rs 80.97/litre
- Price of diesel in Mumbai today, February 20- Rs 88.06/litre
- Price of diesel in Chennai today, February 20-Rs 85.98/litre
- Price of diesel in Kolkata today, February 20- Rs 84.56/litre
- Price of diesel in Hyderabad today, February 20- Rs 87.20/litre
- Price of diesel in Bengaluru today, February 20-Rs 88.31/litre
- Price of diesel in Gurgaon today, February 20- Rs 81.55/litre
- Price of diesel in Noida today, February 20- Rs 81.41/litre
Also read:Rajasthan CM Ashok Gehlot attacks PM Modi over soaring petrol, diesel prices