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).
The price of petrol was increased by 47 paise a litre while that of diesel by 57 paise a litre in Delhi. Petrol and diesel will now cost Rs 76.73/litre and Rs 75.19/litre respectively in the national capital.
Petrol and diesel prices were hiked on Thursday for the fifth consecutive day since state-owned oil companies returned to the normal practice of daily reviews after coronavirus lockdown.
Petrol price has been hiked by 54 paise/litre, while diesel by 58 paise for the 3rd straight day after oil PSUs ended 82-day hiatus in rate revision.
The Consortium of Indian Petroleum Dealers have for the second time written to the three major oil companies, seeking a stimulus financial package, saying it is very challenging to operate as fuel sales have dropped more than 10 per cent from normal due to the COVID-19 outbreak.
Jet fuel (ATF) prices have been slashed by a steep 23 per cent in line with a slump in international oil prices and it now costs about one-third of petrol and diesel whose rates continue to be frozen for the 50th day on Sunday.
Assam has increased fuel prices steeply to cover "some of the losses" incurred due to the nationwide lockdown imposed to contain the spread of novel coronavirus, Finance and Health minister Himanta Biswa Sarma said on Wednesday.
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.
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.
After international crude oil went into a free fall, fuel prices in India further reduced on Wednesday. The prices of petrol and diesel have been cut by more than Rs 2.
A day after the Budget, petrol and diesel prices were further cut on Sunday as international crude oil markets got hammered due to slump in demand because of coronavirus scare in China.
How much you pay for your daily petrol, diesel may well be dependent on how Iran and US play out their escalated tensions in the gulf region after US's strike killing Iranian general in Baghdad
Though on Monday, the petrol rates in the international market remained unchanged, the Brent crude oil rates were the highest in the past two months.
Addressing the nation on Friday, President Hassan Rouhani said the government had no intention to receive any portion of the hike despite the economic woes in the country.
Brent crude's January delivery contract on the international futures market Intercontinental Exchange was trading at $61.91 per barrel, slipped by 0.24 per cent on Wednesday.
Petrol price has gone up by Rs 2.25 a litre while that of diesel by Rs 1.75 a litre since September 17 after the drone attacks on Saudi oil facilities on September 13.
Petrol rates increased by 15 paisa in Delhi, Kolkata and Mumbai, and by 16 paisa in Chennai. Diesel rates shot up by 10 paisa in Delhi and Kolkata, by 11 paisa in Mumbai and Chennai. The rest of the country has also witnessed hike in fuel prices.
Analysts have warned that the style of the attacks on Saudi Aramco's Abqaiq and Khurais oil facilities may add a permanent risk premium to oil and gasoline prices.
Discussion to bring petrol and diesel prices under GST in again on the peak. According to reports, trade association 'Associated Chambers of Commerce and Industry of India' or ASSOCHAM has demanded to include petroleum products and stamp duty in GST. If the government considers the recommendation of ASSOCHAM and petroleum products are included in the GST, then the price of petrol and diesel can witness a huge reduction.
With petroleum products being outside the GST regime, prices vary as a result of local taxes.
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