In 19 straight days, diesel price has gone up by Rs 10.63 per litre. Petrol price has been hiked on 18 occasions since June 7 and now totals to Rs 8.66 a litre.

petrol bunk
news Fuel Thursday, June 25, 2020 - 11:03

Diesel price in the national capital crossed the Rs 80 per litre-mark for the first time ever on Thursday as oil companies raised prices for the 19th day, taking the cumulative rate to Rs 10.63 a litre.

Petrol price, after a day's hiatus, was hiked by 16 paise and the increase in less than three weeks now totals Rs 8.66 per litre.

Petrol price in Delhi was hiked to Rs 79.92 per litre from Rs 79.76, while diesel rates were increased to Rs 80.02 a litre from Rs 79.88, according to a price notification of state oil marketing companies.

Diesel had for the first time become costlier than petrol in Delhi on Wednesday and has now crossed the Rs 80 per litre-mark.

On Thursday, the price of petrol increased by 17 paise to be priced at Rs 85.52, and diesel up by 13 paise to Rs 76.09. In Chennai, the price of diesel was at Rs 77.29 and petrol at Rs 83.18. In Hyderabad, petrol is at Rs 82.96 and diesel at Rs 78.19.

Rates differ from state to state depending on the incidence of value-added tax (VAT).

However, diesel is costlier than petrol only in the national capital where the state government had raised local sales tax or VAT on the fuel sharply last month. It costs less than petrol in other cities.

The 19th daily increase in rates since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to fresh highs.

In 19 straight days, diesel price has gone up by Rs 10.63 per litre. Petrol price has been hiked on 18 occasions since June 7 and now totals to Rs 8.66 a litre.

The good news is that the quantum of fuel price increase has fallen for the last couple of days from a high of 60 paise per day to less than 20 paise on Thursday.

If the price of petroleum products and crude continue its recent slide in the global markets, then petrol and diesel prices can actually start falling soon.

Only on Wednesday, petrol price was not increased by the OMCs.

Fuel prices have been increasing since June 7 when oil companies began the daily price revision mechanism after a hiatus of 83 days during the lockdown.

Prices of transportation fuel were last revised under the dynamic pricing policy on March 16 and there were few instances of price hike later only when the respective state governments hiked VAT or cess.

With inputs from PTI and IANS
 

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