Petrol, Diesel Prices Touch All-Time High

Petrol, Diesel Prices Touch All-Time High

After increasing the price of Petrol and Diesel for the fourth time this week, the prices in the country touched an all-time high. According to the notification from an oil marketing company, prices were hiked by 25 paise per litre for both petrol and diesel. Overall, the prices have gone up by Re 1 per litre this week.

The fuel prices vary in the country depending on VAT are at its highest. It has taken the price of Petrol in New Delhi to Rs 85.70 per litre, in Mumbai to Rs 92.28 per litre, in Kolkata to Rs 87.11 per litre and in Chennai to Rs 88.29 per litre.

Diesel rates have also jumped to Rs 75.88 per litre in New Delhi and Rs 82.66 per litre in Mumbai.

Oil Minister Dharmender Pradhan has stated that because of output cut in Saudi, the prices have increased. Reports have confirmed that Saudi Arabia has pledged additional output cuts in February and March which has let to increase in the prices the most since the pandemic broke out.

Previously, the fuel prices had touched an all-time high on October 4, 2018, but the Government at that time had cut excise duty on both petrol and diesel by Rs 1.50 per litre to ease the burden on the consumers. So far no claim on duty cut has been made by the Government.

Petrol and Diesel are revised on daily basis in line with international price and foreign exchange rates. State-owned fuel retailers— Indian oil corporation ltd(IOC), Bharat Petroleum Corporation Ltd(BPCL), and Hindustan Petroleum Corporation Ltd(HPCL) had resumed daily price revision on 6th Jan and rates have gone up by Rs 1.99 a litre on petrol and Rs 2.01 a litre on diesel.

The prices are also soaring high because there are hopes of demand returning back after the launch of the coronavirus vaccine in various countries, including India.

Image source: https://unsplash.com/photos/7uKj8RqNiIs

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