Petrol and diesel prices have increased across India for the ninth consecutive day -- since June 7. Petrol and diesel prices have gone up by Rs 5 and Rs 5.23 per litre respectively in nine days.
On Monday, petrol rates were hike by 48 paise, and diesel by 59 paise in Delhi. According to price notifications by oil companies, petrol prices in Delhi were increased to Rs 76.26 per litre from Rs 75.78 per litre, while diesel was increased to Rs 74.62 per litre from Rs Rs 74.03 per litre.
Meanwhile, in Mumbai, petrol prices have increased by 47 paise and diesel by 57 paise on Monday. Petrol rates in Mumbai are at Rs 83.17 per litre and diesel at Rs 73.21 a litre.
Yesterday, India witnessed the highest surge in fuel rates since the daily price revision started in June 2017. On Sunday, petrol price was hiked by a record 62 paise per litre and that of diesel by 64 paise.
The key reason behind the constant fuel price hike is the increase in excise duty on petrol and diesel levied by the Centre. The government had first raised excise duty on petrol and diesel by Rs 3 per litre each on March 14 and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The government usually increases the excise duty to take away gains arising from plummeting global oil prices.
However, the oil PSUs, instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that were warranted because of international oil prices falling to two-decade lows. State-owned fuel retailers IOC, BPCL and HPCL had frozen petrol and diesel prices since March 16. Amid this, the government received Rs 2 lakh crore in additional tax revenue because of the two hikes in excise duties.
Meanwhile, the Congress party has demanded reduction in prices of petrol, diesel and LPG to the August 2004 level as the current crude oil prices of around $40 is of August 2004 level. In August 2004, petrol was Rs 36.81 per litre, diesel Rs 24.16.
Petrol and diesel prices in four metro cities today:
- Delhi: Petrol- Rs 76.26/litre, Diesel- Rs 74.62/litre
- Mumbai: Petrol- Rs 83.17/litre, Diesel- Rs 73.21/litre
- Kolkata: Petrol- Rs 78.10/litre, Diesel- Rs 70.33/litre
- Chennai: Petrol-Rs 80.03/litre, Diesel- Rs 72.76/litre
- Bangalore: Petrol-Rs 78.73/litre, Diesel- Rs 70.95/litre
- Hyderabad: Petrol-Rs 79.29/litre, Diesel- Rs 73.05/litre
- Gurgaon: Petrol-Rs 74.96/litre, Diesel- Rs 67.35/litre