Petrol price on Wednesday was hiked by 40 paise per litre and diesel by 45 paise, the fourth straight daily increase in rates after oil PSUs ended an 82-day hiatus in rate revision.
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.
Petrol in Delhi now costs Rs 71.26 a litre as against Rs 69.59 previously, oil industry sources said. In the case of diesel, VAT has been almost doubled to 30 per cent from 16.75 per cent.
The Haryana government on Thursday decided to increase the bus fare by 15 paise per km and hike the VAT on diesel and petrol prices, drawing the flak of the Congress party for its move to "burden people" during a pandemic.
The prices of petrol and diesel have been increased by Rs 6 and Rs 5 respectively as the state govt has decided to levy COVID-19 cess on petrolium products. In a notification issued on Tuesday by the additional chief secretary and finance commissioner, Sentiyanger Imchem informed of the revised prices.
The historic rout in oil markets that sent US crude prices plummeting to as much as minus USD 40 a barrel is unlikely to translate into any big reduction in petrol and diesel prices in India as domestic pricing is based on different benchmark, and refineries are already filled up to brim and cannot buy US crude just yet.
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.
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.
The Aam Aadmi Party (AAP) on Saturday demand the Bharatiya Janata Party (BJP) government to reduce the petrol price to Rs 39 per litre and diesel to Rs 31 per litre, as there is a 55 per cent decrease in crude oil price in global market.
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.
Petrol and diesel in Karnataka will cost more from April 1, as the state budget for fiscal 2020-21 has proposed 3 per cent increase in VAT on both the most consumed fuels, Chief Minister B.S. Yediyurappa said on Thursday.
Earlier this week, the sell-off bound BPCL said it had invested around Rs 7,000 crore for the same. ONGC-run HPCL has not so far disclosed its readiness for BS-VI supplies or its capex on the same.
The price of petrol was cut by 24 paise and that of diesel by 27 paise on Saturday across all major cities in India.
Crude oil rates rebounded on Friday after the World Health Organization (WHO) said travel and trade restrictions were not necessary due to the outbreak of coronavirus in China, indicating that the fuel prices may rise in the coming days.
The petrol price has come down by 23 - 25 paise per litre, and the price of diesel has decreased by 22-24 paise per litre.
Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 a.m.
Some relief for consumers as fuel prices fell on Sunday after rise for three consecutive days. The price of petrol fell by 10-12 paise a litre while that of diesel by 6-7 paise per litre in all major cities across the country.
Retail pump price of petrol was hiked by 9 paise per litre and that of diesel by 11 paise, according to a price notification of state-owned fuel retailers. Petrol in Delhi now costs Rs 75.54 per litre -- the highest in more than a year, while a litre of diesel comes for Rs 68.51.
In Delhi, the price of petrol increased to Rs 75.04 per litre.
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