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Petrol price up Rs 36 a litre, diesel 27 in less than 18 months

Petrol and diesel prices were hiked for the fourth consecutive day on Saturday by 35 paise per litre, pushing the total increase in rates on petrol to Rs 36 per litre and on diesel to Rs 26.58 since early May 2020 when taxes on the two fuels were raised to record levels.

Petrol in Delhi now costs Rs 107.24 a litre and diesel comes for Rs 95.97, according to a price notification of state-owned fuel retailers.

The latest increase that follows the unrelenting hike in international oil prices has pushed rates across the country to their highest-ever levels. While petrol is above Rs 100-a-litre-mark in all major cities, diesel has crossed that level in more than a dozen states.

The total increase in petrol price since May 5, 2020 decision of the government to raise excise duty to record levels now totals Rs 35.98 per litre. Diesel rates have during this period gone up by Rs 26.58 per litre.

The government had raised excise duty on petrol and diesel to mop up gains that would have otherwise accrued to consumers from international oil prices crashing to as low as USD 19 per barrel. While international prices have since recovered to USD 85, excise duty has remained at Rs 32.90 per litre on petrol and Rs 31.80 on diesel.

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