Price hike for petrol and diesel continues, touch fresh record highs

Petrol and diesel prices were hiked on Tuesday again, for the second consecutive day this week, touching fresh record highs across India. The price of petrol has been increased by 27 paise and diesel price has been hiked by 30 paise in the national capital.

The price of petrol has been increased by 27 paise and diesel price has been hiked by 30 paise in Delhi-NCR. (Bloomberg)
The price of petrol has been increased by 27 paise and diesel price has been hiked by 30 paise in Delhi-NCR.

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With the latest price hike on Tuesday, petrol and diesel are currently priced at 91.80 per litre and 82.36 per litre, respectively. In Mumbai, petrol costs 98.12 per litre, while diesel is retailing at 89.48 a litre, the highest in the country.

After the long pause in the upward rally of fuel prices during the assembly elections in four states, the oil marketing companies restarted the price hike last week, when both the petrol and diesel prices were increased for four straight days. The series of price hikes erased all the reduction in fuel rates made during the four downward price revisions between March 24 and April 15.

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The price was steady for Saturday and Sunday and again from Monday, the prices started rallying upward.

Earlier this year, in February, right after the Union Budget 2021, the price of petrol had breached 100 mark for the first time in states like Rajasthan and Madhya Pradesh. In the latest price hike as well, the price of petrol crossed 100 mark again.

The petrol and diesel prices are revised in India daily by the oil marketing companies keeping in line with the crude oil prices in the international market, price Rupee against US Dollar. Petrol and diesel prices differ from state to state depending on the local taxation (VAT) and freight charges. The central and state government taxes comprise around 60% of the retail price of both petrol and diesel.

At a time when India is reeling under Covid-19 induced crisis, the rising fuel cost is having an adverse impact on people's living. Besides the public transport sector being affected, the cost of transporting goods has also increased substantially, resulting in increasing prices of essentials sharply. Consumers have been struggling with their budgets as prices of essential goods have been burning a hole in their pockets.

First Published Date: 11 May 2021, 12:05 PM IST
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