Government-run oil marketing companies (OMCs) have increased petrol and diesel rates sharply on Thursday after a day’s gap. Petrol price has soared by 26 paise per litre and diesel prices have been increased by 7 paise per litre.
In Delhi, petrol rates are just one step away from touching Rs 98 per litre, while diesel price has escalated to Rs 88.30 per litre. Diesel cost has seen a milder rise revision today, in comparison to past hikes since May 4.
Anyhow, both petrol and diesel prices have struck a fresh all-time high after today’s modifications. In Mumbai, petrol price has risen to Rs 103.89 per litre and diesel costs Rs 95.79 per litre. Rates have also elevated to new highs in other major cities across the nation.
At present, petrol is selling over Rs 100 per litre in at least 15 cities. The maximum retail price of petrol in the nation is Rs 108.67 in Sri Ganganagar, Rajasthan. Diesel has also exceeded Rs 100 per litre in this city.
It may be noted that government-run oil organisations have increased both petrol and diesel rates by over Rs 7 per litre since May 4. Rates of the two auto fuels have escalated 30 times since the first week of May.
Domestic fuel costs have been swelling since May due to several issues, but the hike in international crude oil prices ought to be the biggest spark. Both fuel prices in India are likely to increase further as international oil rates pursue to consolidate.
Considering the sharp climb in fuel prices, many citizens have requested the government to diminish taxes imposed on petrol and diesel. India’s combined state and central taxes on fuel are the top in the world.
Commenting on the ultimatum, oil minister Dharmendra Pradhan recently expressed that it would be difficult for the Centre to curtail excise duty on fuel at the moment due to higher government expenses during the Covid-19 second wave. States have also revealed concern about rising expenditure to support their unwillingness to cut VAT.
Check the latest petrol and diesel rates:
|City||Petrol (per litre)||Diesel (per litre)|
|New Delhi||Rs 97.76||Rs 88.30|
|Mumbai||Rs 103.89||Rs 95.79|
|Kolkata||Rs 97.63||Rs 91.15|
|Chennai||Rs 98.88||Rs 92.89|
While higher fuel taxes have confirmed to be a strong source of revenue for the Centre and states during the epidemic, citizens continue to suffer. Increased fuel prices have upset people who rely on fuel for their livelihood.
Increased fuel prices have also resulted in a rise in inflation and experts are bothered that it may stall demand and economic recovery strength after the second wave recedes.