Petrol, diesel prices rise for 6th day straight; fuel gets costlier by Rs 3 in less than a week

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Updated: Jun 12, 2020 11:49 AM

Petrol and diesel prices have gone up again for the sixth day in a row making them costlier by Rs 3 in less than a week.

Consumption of bitumen, mostly used in road construction, dropped 21% y-o-y to 571 thousand tonne.This is the sixth day in a row that oil prices went up as oil firms ended an 82-day break of rate revision after lockdown.

Petrol and diesel prices have risen again for the sixth day in a row making retail fuel costlier by Rs 3 in less than a week. On Friday, petrol was retailing higher by 57 paise per litre and diesel by 59 paise a litre than Thursday levels. This is the sixth day in a row that oil prices went up as oil firms ended an 82-day break of rate revision after lockdown and they continue to adjust retail rates. In Delhi, petrol prices have gone up to Rs 74.57 per litre from Rs 74, while diesel rates now stand at Rs 72.81 a litre from Thursday’s Rs 72.22, according to a price notification of state oil marketing companies.

In Mumbai, petrol was retailing at Rs 81.53 while diesel is available for Rs 71.48 per litre. With today’s rate hike, petrol and diesel have become costlier by Rs 3 in less than a week. Petrol and diesel rates have been hiked across the country and vary in each state depending on local sales tax or value added tax. Oil companies had started to revise prices this Sunday in line with costs. Overall, petrol has become costlier by Rs 3.31 per litre and diesel by Rs 3.42 since last Sunday. Among other major cities, fresh petrol rates are Rs 78.47 in Chennai, Rs 77.41 in Hyderabad, Rs 76.98 in Bengaluru and Rs 73.75 in Gurgaon. On the other hand, new rates for diesel in major cities are Rs 71.14 in Mumbai, Rs 65.82 in Gurgaon, Rs 71.14 in Chennai, Rs 71.16 in Hyderabad, and Rs 69.22 in Bengaluru. 

The sudden increase in petrol and diesel prices in India follows a hike in crude oil prices as they inch towards pre-coronavirus levels. In India, the prices of petrol and diesel soared even during the coronavirus pandemic while crude prices were crashing and were down by $20-25 per barrel. The government has hiked excise duty twice on both the fuels since March. The government is collecting about 270% taxes on the base price of petrol and 256% in the case of diesel, according to a CARE Ratings report. There has been no announcement so far on excise duty cut for now.

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