Fuel Prices At An All Time High; Highest Recorded Prices In Over A Year

Petrol and Diesel Prices On The Rise; Highest Fuel Prices Recorded In Over A Year!

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Petrol and Diesel Prices On The Rise; Highest Fuel Prices Recorded In Over A Year!

Fuel prices have been increasingly subjected to revisions in the past few weeks and soared for the 11th straight day on Wednesday. This came as oil marketing companies began to take into consideration the dip in retail prices after the 82-day hiatus. The prices were revised for the 11th consecutive day across the country as a direct result of the coronavirus-induced lockdown.

In Delhi, a litre of petrol is charged at Rs 77.28, and diesel is priced at Rs 75.79. In Mumbai, price of a litre of petrol increased to Rs 84.15 and diesel to Rs 74.32. Meanwhile, in Kolkata, the price of petrol has been fixed at Rs 79.08, and diesel at Rs 71.38. Consumers in Chennai will have to pay Rs 73.69 for every litre of diesel, and Rs 80.86 for petrol.

For as long as daily price revision has been in effect since 2017, this is the first time the prices have reached this high. In the last 11 days, petrol rates have been increased by Rs 6 for every litre and diesel by Rs 6.4. Fuel prices are at a 19-month high in the country, the last time this happened was in 2018 when crude oil rates skyrocketed.

The Government’s decision to increase excise duty on fuel prices to generate finances hasn’t sat well with the public.

The rise in fuel prices came a day after Congress President Sonia Gandhi demanded a rollback of the increased rates, saying the Centre’s decision to introduce successive increases over the past week amidst a pandemic is “wholly insensitive” and ill-advised. She had pointed out that the international price of crude oil had fallen by approximately 9%, but the Centre was doing “nothing short of profiteering off its people”. She added that the rise in prices is just another burden the public will have to endure, and that is “neither justified nor appropriate”.