Diesel price hiked for a second consecutive day, petrol remains unchanged
- Petrol cost too is likely to increase in the coming days as crude oil prices are surging in the international market.
The diesel price on Monday has been hiked again across India by around 25 paise, while petrol price remains unchanged. This was the second consecutive rise in diesel prices after Sunday. The latest series of price hikes come in the wake of increasing crude oil prices in the international market.
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With the latest surge in price, diesel not costs ₹89.32 a litre in Delhi. Petrol in the national capital costs ₹101.19 a litre. In Mumbai, per litre diesel and petrol cost ₹96.94 and ₹107.26 respectively. A litre of diesel now costs ₹94.08 and ₹92.42 in Chennai and Kolkata respectively.
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While diesel price is nearing to the century mark slowly, petrol price has remained static for 22 straight days. However, there are chances that the oil marketing companies will resume an upward revision soon on the back of the sharp rally in crude oil prices in the international market.
The fresh surge in motor fuel prices could be a major worry right ahead of the festive season. This will eventually result in increasing prices for several essential commodities. The higher fuel and power costs directly impact the production costs of companies. This results in a hike in several essential and non-essential goods.
Petrol and diesel prices were increased incessantly during May 4 and July 17 period earlier this year. Per litre petrol price passed ₹100 mark in nearly half of the country for the first time ever. Diesel too crossed the century mark in many places.
The sky-high price of motor fuels is majorly attributed to the high rate of tax imposed by the central government. The petrol and diesel retail pricing components include excise duty, freight charges, variable VAT amounts in different states, dealer commission etc.
There have been demands for the reduction of excise duty. However, both the Centre and state governments have made it clear that they won't reduce taxes levied on petrol and diesel. Hence, pricing of petrol and diesel are unlikely to come down in near future.
There have been demands for bringing the motor fuels under GST ambit as well. However, several state governments have opposed such a move considering the chances of reduced revenue.
