New Delhi, Jun 20: Diesel price on Saturday hit a record high after rates were hiked by 61 paise per litre while petrol price was up 51 paise, taking the cumulative increase in rates in two weeks to Rs 8.28 and Rs 7.62 respectively.
Petrol price in Delhi was hiked to Rs 78.88 per litre from Rs 78.37, while diesel rates were increased to Rs 77.67 a litre from Rs 77.06, according to a price notification of state oil marketing companies.
Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.
The 14th daily increase in rates since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to new high. Petrol price too is at a two-year high.
Prior to the current rally, diesel rate had touched a peak of Rs 75.69 per litre in Delhi on October 16, 2018.
The highest-ever petrol price was on October 4, 2018, when rates soared to Rs 84 a litre in Delhi.
When rates had peaked in October 2018, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre each. State-owned oil companies were asked to absorb another Re 1 a litre to help cut retail rates by Rs 2.50 a litre.
Oil companies had quickly recouped the Re 1 and the government in July 2019 raised excise duty by Rs 2 a litre.
The 82-day freeze in rates this year was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.
The government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The two hikes gave the government Rs 2 lakh crore in additional tax revenues.
Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in retail rates that was warranted because of a decline in international oil prices to two-decade lows.
International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.
In 14 hikes, petrol price has gone up by Rs 7.62 per litre and diesel by Rs 8.28 a litre.
Comments
I am really enjoying the theme/design of your web
site. Do you ever run into any browser compatibility issues?
A few of my blog audience have complained about my blog not working correctly in Explorer but looks great in Firefox.
Do you have any suggestions to help fix this issue?
My website; free events: http://iphoneways.com
What's upp to all, the contents preesent aat this web
site are genuinely aweome forr people knowledge, well, keep up
the nice work fellows.
my page :: Clifton: https://geo-news-live-tv.blogspot.com/
Woah! I'm really enjoying the template/theme of this blog.
It's simple, yet effective. A lot of times it's hard to get that
\perfect balance\" between user friendliness and appearance.
I must say you have done a awesome job with this.
In addition, the blog loads super fast for me on Firefox.
Outstanding Blog!
Feel free to surf to my page - crack seo tools: http://manuelasolano4.unblog.fr/2015/12/27/suggestions-to-expand-your-s…"
Add new comment