Petrol price in Delhi breached the second highest level ever witnessed India after it was hike by 13 paise on Saturday, which is also the biggest hike in last 20 days. Diesel price was too hiked by 15 paise, again, the biggest hike since April 1. According to Indian Oil’s website, petrol price in Delhi was Rs 74.21 a litre; Kolkata Rs 76.91; Mumbai Rs 82.06; Chennai Rs 76.99. Diesel price in Delhi was Rs 65.46 a litre; Kolkata Rs 68.16; Mumbai Rs 69.70; Chennai Rs 69.06.
The petrol and diesel prices were hiked after crude oil prices touched a four-year-high, even prompting US President Donald Trump to slam the OPEC for ‘artificially’ high prices. After his tweet saying that these prices will not be accepted, oil prices crashed. However, a Reuters report said that Saudi Arabia, a key OPEC member, would be happy to see oil hit $80 or $100 a barrel.
In India, petrol and diesel prices are deregulated. However, the central government and state governments can give some relief against rising crude oil prices y cutting excise duty and retail VAT. The governments, so far, have not shown any commitment towards providing such relief against the recent surge. In October 2017, the central government did cut excise duty on petrol and diesel by Rs 2 a litre each, but the relief could not last long. Following centre’s footsteps, only four states — three BJP and 1 poll-bound — announced a cut in retail VAT levied on fuel prices.