Industry

Petrol price cumulatively hiked by ₹7.11 per litre, diesel by ₹7.67, in 13 days

This is the 13th daily increase in rates in a row since oil companies on June 7 restarted revising prices in line with costs, after ending an 82-day hiatus in rate revision.

This is the 13th daily increase in rates in a row since oil companies on June 7 restarted revising prices in line with costs, after ending an 82-day hiatus in rate revision.   | Photo Credit: M. GOVARTHAN

Petrol price on June 19 was hiked by 56 paise per litre and diesel by 63 paise a litre, taking the cumulative increase in rates to ₹7.11 and ₹7.67 per litre respectively in less than two weeks.

Petrol price in Delhi was hiked to ₹78.37 per litre from ₹77.81, while diesel rates were increased to ₹77.06 a litre from ₹76.43, according to a price notification of State oil marketing companies.

Rates have been increased across the country and vary from State to State depending on the incidence of local sales tax or VAT.

This is the 13th daily increase in rates in a row since oil companies on June 7 restarted revising prices in line with costs, after ending an 82-day hiatus in rate revision.

In 13 hikes, petrol price has gone up by ₹7.11 per litre and diesel by ₹7.67 a litre.

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 retail rates owing to the fall in international oil prices to a two-decade low.

International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.

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Printable version | Aug 15, 2020 11:03:45 AM | https://www.thehindu.com/business/Industry/in-13th-day-hike-petrol-price-increased-by-56-paise-diesel-by-63-paise/article31866916.ece

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