For the 10th consecutive day today, the price of petrol went up by 47 paise a litre and that of diesel by 57 paise a litre. In these 10 days, petrol price has increased by ₹5.45 a litre and diesel price by ₹5.8 a litre (Delhi rates). Fuel prices are now at its highest level since more than a year.
After Brent crude oil rates rebounded from the record lows of around $20 a barrel and the central government hiked excise duties last month, state-run oil marketing companies have been suffering losses of about ₹8 on every litre of petrol and diesel they sell, according to a report. Therefore, the price of petrol and diesel could be hiked further for the next two weeks to cover the shortfall.
The Congress has been demanding that petrol and diesel prices be brought under the ambit of goods and services tax (GST) regime. Congress leader Rahul Gandhi said the middle class and the poor are paying for the “gifts crony capitalists get”.