Petrol and diesel prices soared to record highs on Friday after rates were hiked for the fourth day in a row. Petrol price was increased by 31 paise per litre and diesel by 35 paise a litre, according to a price notification of state-owned fuel retailers.
In four days, prices have gone up by Rs 1.21 per litre for petrol, while diesel has risen by Rs 1.25 a litre. In most major south cities, the price of petrol crossed Rs 90. Retail petrol rates have risen by Rs 18.57 per litre since mid-March 2020, after the government raised taxes by a record margin to mop up gains arising from fall in international oil prices. Diesel rates have gone up by Rs 16.09.
According to Indian Oil, petrol was priced at Rs 91.09 per litre in Bengaluru and diesel came in at Rs 83.09 per litre. In Hyderabad, the price of petrol stood at Rs 91.65 per litre and diesel at Rs 85.50 per litre. In Chennai, the price of petrol was at Rs 90.44 per litre and Rs 83.52 per litre. In Mysuru, the price of petrol was at Rs 90.69 and diesel came in at Rs 82.72 per litre.
In Vijayawada, petrol came in at Rs 93.9 per litre, and diesel at Rs 87.27 per litre. In Visakhapatnam, the price of petrol came in at Rs 93.09 per litre and diesel at 86.46 per litre. Warangal saw petrol being priced at Rs 91.23 per litre, and diesel at Rs 85.09 per litre.
In Thiruvananthapuram, petrol came in at Rs 90.02 per litre and diesel at Rs 84.28 per litre. Kochi saw petrol being priced at Rs 88.3 and diesel at Rs 82.66 per litre.
The petrol price hike took prices to an all-time high of Rs 88.14 a litre in Delhi and to Rs 94.64 in Mumbai. Diesel rates rose to Rs 78.38 per litre in the national capital and to an all-time high of Rs 85.32 in Mumbai.
Oil Minister Dharmendra Pradhan on Wednesday had told Parliament that the government is not considering a reduction in excise duty to reduce rates from their record highs. He said international oil prices touched $61 per barrel for the first time in more than a year on improving demand outlook amid the global rollout of COVID-19 vaccines, he had said.
Central and state taxes make up for over 61% of the retail selling price of petrol and about 56% of diesel.
Jobin Mathew, the owner of a Bharat Petroleum petrol bun said that the people are continuing to fill for the same amounts they did previously, but the bunk is in effect selling fewer litres.
â€śNormally, everyone used to refuel for amounts such as Rs 500 or Rs 1000, and not in litres. With the price hike, that number of litres has decreased, so that is negatively affecting us. Previously, for Rs 100 a certain amount of litres would be given but now the same person has to come back for more fuel because he gets less,â€ť Jobin said.
Ashish Moncy Thomas, a student, said that if oneâ€™s income is Rs 500, Rs 150 goes towards fuel. â€śTo drive for around 200-300 km, around 5 litres or more fuel is needed. For day-to-day needs, we need 1-2 litres of petrol. Iâ€™m not satisfied with the current pricing,â€ť he said.