Petrol, Diesel Price Today: After a day’s pause, fuel prices were again raised on Monday with diesel prices scaling a new high after prices were hiked for the 22nd time in just over three weeks.
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.
Fuel prices were hiked by the oil marketing companies again on June 23. Petrol and diesel will now cost Rs 79.76 per litre and Rs 79.40 per litre respectively in Delhi.
Fuel prices continue to go uphill. Petrol price was hiked by 33 paise/litre and diesel by 58 paise. Rates are up by over Rs 8 for petrol and Rs 9 in diesel in last 15 days.
Fuel prices in the national capital surged for the 11th consecutive day on June 17. The revised prices made petrol Rs 77.28/litre (increase by Re 0.55) and diesel at Rs 75.79/litre (increase by Re 0.69).
India's fuel demand has reached 80-85 per cent of pre-Covid levels in the first half of June but return to 5 per cent growth trajectory may take up to two years, Oil Minister Dharmendra Pradhan and industry leaders said on Tuesday.
The new rates will come into effect from midnight tonight, said deputy chief minister Nitin Patel, who also holds Finance portfolio.
Petrol, Diesel Price Today: Petrol price was hiked by 59 paise per litre while diesel by 58 paise. In seven hikes, petrol price has gone up by Rs 3.9 per litre and diesel by Rs 4.
Petrol and diesel price was on Sunday hiked by 60 paisa per litre, as the state-owned oil firms restarted daily price revisions after a 82-day hiatus.
Delhi Petrol Dealers Association on Thursday demanded a roll back in the hike of VAT on petroleum products, saying the increase has led to a 79 per cent decline in diesel sales in the month of May.
The Mizoram government will hike diesel and petrol prices by 2.5 per cent and 5 per cent, respectively, from June 1 to fight the economic slowdowncaused by the outbreak of novel coronavirus, Taxation Minister Lalchamliana said on Saturday.
India's fuel consumption fell almost 46 per cent in April as all petroleum products, except LPG, saw massive demand erosion following the nationwide lockdown that halted economic activity and travel.
Rajasthan Government on Thursday hiked the value-added tax (VAT) on petrol by 2 per cent and on diesel by 1 per cent.
The hike in duty has taken away gains from falling global crude oil prices.
India's fuel consumption slumped by a record 50 per cent in April as all petroleum products except LPG saw massive demand erosion following a nationwide lockdown halted economic activity and travel.
With coronavirus eviscerating demand, petrol pump operators on Friday said per pump sales have fallen to less than one-tenth, leading to heavy losses in establishment and employee cost.
In all, duty on petrol rate was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped the government to more than double the excise mop up to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.
A day after the government increased excise duty by Rs 3, Petrol and diesel prices have been cut by 12 paise and 14 paise per litre as oil companies moderated rate reduction amid the fall in global prices to absorb the hike in excise duty on fuel by the government.
Government has hiked the excise duty on petrol, diesel by Rs 3 per litre. The move has come just days after petrol, diesel prices were reduced by more than Rs 2 per litre amid a decrease in global demand due to coronavirus pandemic.
Indian consumers will have to wait for at least 10 more days to get the benefit of a larger fall in retail prices of petrol and diesel that has become imminent following a sharp drop in global crude prices on Monday.
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