Oil marketing companies (OMCs) on Monday increased the price of petrol and diesel for the ninth straight day as they proceeded to adjust retail rates in line with costs after an 82-day break from rate improvement amidst the coronavirus pandemic.
The Petrol & Diesel prices are at its peak in more than a year after today’s hike because these price levels were last seen in October-November 2018. At that time crude oil rates were at a record high. The hike in domestic auto fuel rates is due to the excise duty hike of ₹10 per litre on petrol and ₹13 per litre on diesel in May. It is also a result of several state governments rising VAT or cess on fuel but the impact is now being passed on to customers.
Rates have been increased across the country and vary from state to state relying on the incidence of local sales tax or VAT.
Here you can see the prices of major cities.
New Delhi: Petrol ₹76.26 Diesel ₹74.62
Gurgaon: Petrol ₹75.05. Diesel ₹67.45
Mumbai: Petrol ₹83.17. Diesel ₹73.21
Hyderabad: Petrol ₹79.17. Diesel ₹72.93
Chennai: Petrol ₹79.96. Diesel ₹72.69
Bengaluru: Petrol ₹78.73. Diesel ₹70.95
Since March, soon after the government hiked excise duty on petrol and diesel to shore up additional finances. 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 a decrease in international oil prices.
Inspite of falling up rapidly the prices of crude oil in the international market due to pandemic COVID-19 but BJP Government constantly rising prices of Petrol and Diesel in their concept of #sabkasathsabkavikas.
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