Petrol and diesel prices continued to surge on 12th consecutive day with rates in Petrol, diesel price hikes, 12th consecutive day of increase.
Petrol prices have now been hiked by around ₹6.55 per litre since the daily rate revisions were resumed from June 7.
In the same time period, diesel prices have gone up by ₹7.13 per litre.
With the latest hike, petrol in Delhi now retails at ₹77.81 per litre while diesel rate stands at ₹76.43. The figures stand at ₹84.15 and ₹74.32 in Mumbai, ₹79.08 and ₹71.38 in Kolkata and ₹80.86 and ₹73.69 in Chennai for petrol and diesel, respectively.
Petrol price hiked by 53 paise per litre, diesel by 64 paise; rates go up cumulative by Rs 6.55 and Rs 7.04 respectively in 12 days
— Press Trust of India (@PTI_News) June 18, 2020
In fact, the government had first hiked excise duty on the two automotive fuel by ₹3 per litre on March 14 and then by ₹10 per litre on May 5 in order to generate additional revenue.
Oil marketing companies, however, had stopped daily revisions from March 16 and may have benefited from crashing international rates in the subsequent weeks.
Demand for the two fuels were significantly low through the course of the lockdown in India but has now reportedly recovered to around 85% of pre-Covid-19 levels. The rates are expected to continue their upward trajectory till at least end of June, according to sources.
