State-run oil marketing companies (OMCs) on Thursday hiked the price of petrol and diesel for the 12th consecutive day as they continued to adjust retail rates in line with costs after an 82-day break from rate revision amidst the coronavirus pandemic. Petrol price on Tuesday was hiked by 20 paise per litre and diesel by 55 paise as the oil companies increased prices for the 17th day in a row that took the cumulative increase to a steep Rs 8.5 and Rs 10.01 per litre, respectively.
Petrol price in Delhi was hiked to Rs 79.76 per litre from Rs 79.56, while diesel rates were increased to Rs 79.40 a litre from Rs 78.55, according to a price notification of state oil marketing companies.
In Bengaluru, petrol will be costlier by 20 paise per litre at Rs 82.35 per litre, while diesel will cost 53 paise more per litre at Rs 75.51 per litre.
The prices of petrol and diesel have increased in the national capital by Rs 8.50/litre and nearly Rs 10/litre, respectively, over the past 17 days.
The government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The two hikes gave the government Rs 2 lakh crore in additional tax revenues.
Oil marketing companies have been adjusting retail rates in line with costs after an 82-day break from rate revision amidst the coronavirus pandemic. Oil companies on June 7 restarted revising prices in line with costs.
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 a decline in international oil prices to two-decade lows.
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