Petrol, diesel prices in India were hiked over 70 times in last one year

The Ministry of Petroleum and Natural Gas informed the Lok Sabha that petrol price was hiked 78 times, while the Centre reduced the price only seven times within last 12 months.Diesel price was hiked 76 times in last one year with only 10 price reductions.
By : HT Auto Desk
| Updated on: 26 Jul 2022, 14:04 PM
The Ministry of Petroleum and Natural Gas has revealed that petrol and diesel prices were hiked 78 times in last one year, The revelation came after months of steep fuel price hikes across the country until May this year. (REUTERS)
The Ministry of Petroleum and Natural Gas has revealed that petrol and diesel prices were hiked 78 times in last one year, The revelation came after months of steep fuel price hikes across the country until May this year. (REUTERS)
The Ministry of Petroleum and Natural Gas has revealed that petrol and diesel prices were hiked 78 times in last one year, The revelation came after months of steep fuel price hikes across the country until May this year. (REUTERS)
The Ministry of Petroleum and Natural Gas has revealed that petrol and diesel prices were hiked 78 times in last one year, The revelation came after months of steep fuel price hikes across the country until May this year.

365 days, 78 hikes and only seven reductions in price. That is how petrol price was regulated over the past one year in India during which the cost of the fuel reached an all-time high almost every other day. Diesel was no better with as many as 76 price hikes during the same period, with just 10 reductions. The information was shared by the Ministry of Petroleum and Natural Gas in the Parliament, replying to a question on fuel price hike in India from the Opposition.

During the last 12 months, petrol price in Delhi has gone up from 90.56 on April 1 last year to 96.72 per litre on July 18 this year. During the same period, diesel price too has gone up from 80.87 to Rs. 89.62 per litre.

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Earlier this year, the Centre had decided to reduce tax on petrol and diesel in order to offer relief to consumers as fuel price reached an all-time high with hikes almost every other day till May. The excise duty cut on petrol and diesel translated into a reduction of 9.5 on petrol and 7 a litre on diesel.

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In November last year, the Centre had announced excise duty cut on petrol by 5 and diesel by 10 per litre. The reduction of excise duty came after the Centre increased the tax in 2020 by almost 33 per litre on petrol and 31.8 per litre on diesel.

Earlier this year, the oil companies ended a nearly five month hiatus on revising petrol and diesel prices on a daily basis. Within six weeks, India saw more than 14 hikes in prices of both fuel with an overall hike of 10 per litre on petrol.

Despite hike in petrol and diesel prices, the demand for both fuel remained stable. According to experts, the demand was mainly due to the economic activities resuming post Covid-19 lockdowns as well as increased travel by road during the summer months this year.

First Published Date: 26 Jul 2022, 14:04 PM IST
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