As international crude oil price touches a four year high of $74 a barrel, diesel price hits the highest level ever witnessed in India’s history, while petrol price has touched a near five-year high. Petrol and diesel prices on April 20 were hiked by 1 paisa and 4 paise respectively, according to Indian Oil’s website.
The petrol price in Delhi was hiked to Rs 74.08 a litre; Kolkata Rs 76.78; Mumbai Rs 81.93; Chennai Rs 76.85. while diesel price in Delhi was hiked to Rs 65.31; Kolkata Rs 68.01; Mumbai Rs 69.54; Chennai Rs 68.90. The petrol price is at the highest level since September 2013.
The petrol and diesel prices are rallying since October 2017 despite an excise duty cut of Rs 2 by the Narendra Modi government on higher crude oil price. Earlier today former Finance Minister P Chidambaram slammed the government over the rising fuel prices, saying that the BJP is clueless and floundering without the low price “oil bonanza”.
The Narendra Modi government benefitted from the three-year-long low crude oil price windfall, which allowed them to hike the excise duty on them significantly. Due to higher excise duty, petrol and diesel prices are at a much higher level than they were at the same level of crude oil price.