Hattrick of hikes: Petrol, diesel prices keep climbing for three weeks in a row

Fuel prices were hiked for the 21st day in a row on Saturday. Petrol and diesel will now cost ₹80.38/litre and ₹80.40/litre respectively in Delhi.

The price of petrol is increased by ₹0.25 per litre while that of diesel by ₹0.21 per litre. The cumulative increase since the oil companies started the cycle on June 7 now totals to ₹9.12 for petrol and ₹11.01 in diesel.

The oil marketing companies have been adjusting retail rates in line with costs since June 7, after an 82-day break from rate revision amidst the Covid-19 pandemic.

Rates have been increased across the country but the final retail selling price differs from state to state depending on the incidence of local sales tax or VAT.

Petrol price in the national capital on Friday crossed ₹80 per litre mark, for the first time in more than two years, as oil companies continue to raise petrol and diesel prices in line with costs. Diesel had for the first time become costlier than petrol in Delhi on Wednesday.

Petrol price has crossed ₹80-mark for the first time in more than two years, while diesel rate is at an all-time high. Petrol had last crossed ₹80 mark in September 2018.

The taxes imposed on the two fuels by the central government as well as state governments form a large part of the final retail selling price. There has been a demand to bring the two fuels under Goods and Services Tax (GST) but its possibility remains extremely bleak. For now, governments are looking at revenue generation after weeks of lockdown created roadblocks in this regard.

There are enough indications, strong signs even, that fuel prices will continue to rise for the remaining days of June.