Petrol and diesel prices hiked 17 days in a row— and there may be more increases in the offing
- In the 17th consecutive revision, the petrol rates in India were increased by 8-20 paise per litre, while the
diesel rateshave gone up by approximately 55 paise.
- After the recent revision, Jaipur has the highest rate for both petrol and diesel in the country— where one litre of petrol costs over ₹87 and diesel costs around ₹80.36.
- The price may continue to rise for a few more days as global product prices are firming up with a pick up in demand following opening up of economies across the globe.
*as of June 23
Sources in oil marketing companies, however, told IANS that price rise could continue for a few more days as global product prices are firming up with a pick up in demand as the economies are now opening up post lockdown. Global crude prices have more than doubled from April levels to over $42 a barrel level.
Also, oil marketing companies are catching up on price levels that bring the product prices closer to international benchmark rates. The price freeze of 83 days even with a substantial increase in excise duty on petrol and diesel by the Centre, has increased the price gap resulting in losses for the retailers.
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 value added tax, or cess.
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