Petrol, Diesel Prices: In yet another blow to the common man, petrol prices in Delhi have been raised on Thursday by 23 paise taking the price to an all-time high of ₹84.2. Diesel prices were also raised by 26 paise to ₹74.38 a litre. Oil marketing companies increased prices of both fuels including petrol and diesel by 26 paise per litre and 25 paise a litre in Delhi after almost a month. Also Read: Paytm Instant Loan: Now, Avail Quick Loan of Upto Rs 2 Lakh In 2 Minutes Based On Credit Score
In Mumbai, petrol was sold at ₹90.83 per litre while diesel price was at 81.07 per litre. In Chennai, petrol is costing ₹86.96 a litre and diesel ₹79.72 a litre. In Kolkata, petrol was being sold on Thursday at ₹85.68 a litre while diesel at ₹77.97.
The fuel prices are at highest level in 73 years. It has hit the common man, especially when inflation has remained a bigger worry for the government. “The budget of the common man has been affected badly. The burden has increased on the peasant labor and food will also get expensive. Is this the “good days” of the Modi government? Stop looting the pockets of the countrymen and reduce the price of petrol-diesel,” appeals one of the consumers.
Meanwhile highest ever rate of ₹84 a litre for petrol in Delhi was touched on October 4, 2018, according to Press Trust of India. Diesel too had scaled to an all-time high of ₹75.45 a litre on October 4, 2018.
On that day, the government cut excise duty on petrol and diesel by ₹1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.
In addition to taxes, petrol and diesel prices in India depend on global oil prices and rupee-dollar exchange rate. A lower dollar makes oil cheaper because the commodity is mostly traded using the greenback.
In global markets, international benchmark Brent crude was up 8 cents at $54.38 a barrel, after gaining 1.3% overnight. The likelihood of tighter supplies after Saudi Arabia unilaterally agreed to cut output have led to a increase in global oil price in recent days.
Earlier this week, Saudi Arabia, the world’s biggest oil exporter, said it would voluntarily cut one million barrels per day (bpd) of output in February and March.
Though petrol and diesel rates are to be revised on a daily basis in line with benchmark international price and foreign exchange, government-controlled fuel retailers have been moderating rates since the pandemic broke out.
The government had raised excise duty by ₹13 per litre on petrol and by ₹15 a litre on diesel in two instalments in March 2020 and May 2020 to garner additional revenue.
(With PTI inputs)