Petrol and diesel prices remain unchanged after non-stop price hike

After non-stop fuel price hike, petrol and diesel prices on Tuesday remain unchanged. Fuel prices rose on Monday again after a day’s pause with oil marketing companies increasing the pump price of petrol by 5 paise and diesel by 13 paise per litre.

According to the official website of Indian Oil Corporation, petrol now costs Rs 80.43 per litre in Delhi, Rs 87.19 per litre in Mumbai. Similarly, diesel costs Rs 80.53 a litre in Delhi, Rs 78.83 a litre in Mumbai. Rates differ from state to state depending on the incidence of value-added tax (VAT).

With this increase, fuel prices have moved up on 22 of the last 23 days (with no rise on Sunday). Petrol prices, however, were unchanged for an additional day in between after the daily revision based on dynamic pricing was reinstated by OMCs.

In a historic development, the price of diesel surged above that of petrol in the national capital during this period. It continues to remain higher even though on Saturday the quantum of petrol price hike was higher than that of diesel.

Globally diesel is priced a tad higher than petrol. In India too, the base price of diesel is slightly higher than petrol but taxation at central and state levels changed the complexion of retail prices.

If the price of petroleum products and crude hold their positions in global markets, then petrol and diesel prices rise may stop for a longer period and we may even see marginal fall in prices. Fuel prices have been increasing since June 7 when oil companies began the daily price revision mechanism after a hiatus of 82 days during the lockdown.

(Inputs from Agencies)

Free Press Journal