For the 16th consecutive day today, fuel prices were hiked in India. State-run oil marketing companies increased the price of petrol by 33 paise a litre and that of diesel by 58 paise a litre. In these 16 days, petrol price has gone up by ₹8.3 a litre and diesel price by ₹9.46 a litre.
Diesel touched a new record high level today in Delhi as prices now touch ₹79 for the first time in history. Diesel price is ₹3 higher now than the last peak of ₹75.69 touched on 16th October 2018.
Petrol price, on the other hand, is at a 19-month high level in India. Petrol’s lifetime record high is ₹84 in New Delhi reached on 4th October, 2018.
New Delhi: Petrol ₹79.56. Diesel ₹78.85
Gurgaon: Petrol ₹77.80. Diesel ₹71.26
Mumbai: Petrol ₹86.36. Diesel ₹77.24
Chennai: Petrol ₹82.87. Diesel ₹76.30
Hyderabad: Petrol ₹82.59. Diesel ₹77.06
Bengaluru: Petrol ₹82.15. Diesel ₹74.98
As the current spike in fuel rates is sparked by two big excise duty hikes in March and May, the demand for inclusion of the auto fuel in goods and services tax (GST) has increased. The inclusion of petrol and diesel in GST would bring a uniform price across India. To shore up revenues during the Covid pandemic, most state governments have also increased VAT or cess on the two auto fuels.
Demanding a rollback of fuel price hike, truck operators’ body All India Motor Transport Congress (AIMTC) has said 65% of the total trucks in the country are sitting idle due to spiralling fuel prices, corruption and no tangible relief to transporters, hit hard by COVID-19.
In the international market, Brent crude oil was trading around $42 a barrel. The international benchmark rose 9% last week amid hopes of recovery in demand.