Petrol and diesel prices continued to rise as prices were hiked for 14th consecutive day. The price of petrol has been increased by Rs 0.51 per litre while that of diesel by Rs 0.61 a litre.
According to the official website of Indian Oil Corporation, petrol now costs Rs 78.88 per litre in Delhi, Rs 85.72 per litre in Mumbai. Similarly, diesel costs Rs 77.67 a litre in Delhi, Rs 75.54 a litre in Mumbai. In Kolkata, a litre of petrol will cost Rs 80. 62 per litre whereas diesel is now priced at Rs 73.07 per litre. In Chennai, a litre of petrol will cost Rs 82.27 per litre whereas diesel is now priced at Rs 75.29 per litre.
Oil marketing companies have been adjusting retail rates in line with costs after an 82-day break from rate revision amidst the COVID-19 pandemic. These firms on June 7 restarted revising prices in line with costs.
The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances. Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) instead of passing on the excise duty hikes to customers adjusted them against the fall in the retail rates that was warranted because of fall in international oil prices to two decade low. International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.
