Times are tough and it continues to get tougher amid the pandemic that we are dealing with right now. Moreover, certain commodities have also become expensive. And the fuel prices? They have reached a new hike.
Starting June 7, petrol and diesel price was hiked by 60 paisa per litre, as the state-owned oil firms restarted daily price revisions after a 82-day hiatus. And it has kept on increasing ever since.
While oil PSUs have regularly revised ATF and LPG prices, they had since March 16 kept petrol and diesel prices on hold, ostensibly on account of extreme volatility in the international oil markets.
Auto fuel prices were frozen soon after the government raised excise duty on petrol and diesel by Rs 3 per litre each to mop up gains arising from falling international rates.
The government on May 6 again raised excise duties by Rs 10 per litre on petrol and Rs 13 per litre on diesel.
Oil companies, instead of passing on the excise hike to consumers, decided to adjust them against the reduction required because of the drop in international oil prices.
While we talk about excise duty, it is imperative to note that the change in the rates since the first year of Modi government in the first term to the first year of the second term. Well, the numbers don't look good.
In 2014, the excise duty on diesel was Rs 3.56 and that on petrol was Rs 9.40.
And now, in 2020, the excise duty has increased at least 10 times. The excise duty on diesel is now Rs 31.83 and on petrol Rs 32.98.
Well, ever since the prices were hiked Congress has been protesting the move. Congress on Tuesday called the increase in the price of petrol and diesel 'unjust', 'thoughtless', and demanded from the Central Government to roll back increase with immediate effect and pass on the benefit of low oil prices directly to the citizens of this country.
So what are the current fuel prices in Delhi and Mumbai?
For the first time in Delhi, diesel has become costlier than petrol.
For the 18th day in a row, state-run oil companies on Wednesday raised prices of diesel. However, no increase was witnessed in petrol prices.
While petrol costs Rs 79.76 per litre, diesel can be bought at Rs 79.88 per litre.
The price of diesel has been increased by 48 paise a litre. Notably, 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.