October 1, 2020

Petrol, diesel price hiked sharply for 10th consecutive day, check rates

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Fuel prices were on Tuesday hiked sharply hiked for the tenth consecutive day as part of the daily revision by Oil Marketing Companies (OMCs).

After Tuesday’s revision, petrol price was hiked by 47 paise per litre while diesel rates have gone up by 57 paise. It is likely that rates will further climb as OMCs look recover revenue lost during the lockdown.

Petrol price has already been hiked by Rs 5.47 per litre as a result of the 10 consecutive days of upward price revision; diesel rates have also been hiked by almost Rs 6 per litre.

The fresh daily revision in fuel prices started in India from June 7 after a gap of over 80 days when OMCs did not pass on any excise duty hike by the customer.

Data from Indian Oil Corporation’s website showed that petrol price in Delhi has gone up to Rs 76.73 per litre, while diesel is now retailing at Rs 75.19 per litre.

In Mumbai, the price of a litre of petrol has now gone up to Rs 83. 62 and Rs 73.75 per litre for diesel. Kolkata residents will now pay Rs 78.55 for a litre of petrol while diesel rate has increased to Rs 70.84.

Price of petrol has crossed the Rs 80/litre mark in Chennai and diesel will be available for Rs 73.17 per litre.

The recent hike in fuel prices has been criticised by opposition leaders, who say that the sharp rise in fuel price will make lives difficult for people who are already facing higher economic stress due to the coronavirus pandemic.

It is worth noting that the sharp rise in fuel price in India comes at a time when global crude oil rates are falling due to several factors including a supply glut in the absence of demand and fear that a second wave of coronavirus may hit more countries.

Jet fuel prices hiked again

Besides petrol and diesel rates, aviation turbine fuel (ATF) prices were also increased by OMCs; this is the second hike in jet fuel prices this month.

The price of ATF was increased by a whopping 16.3 per cent in Delhi. It will now cost Rs 39,069.87 per kilolitre (kl) after a rise of Rs 5,494.5 per kl.

It may be noted that the rates of ATF will vary from state to state depending on local sales tax.

ATF prices are revised one the 1st and 16th of every month unlike petrol and diesel, which are revised daily.

The sharp rise in price my further burden airlines who are still facing a severe revenue crunch due to limited operations.

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