Petrol prices are on the rise for the last 11 consecutive days in the country when international crude prices are at their lows…
These are unprecedented times and fear of COVID-19 is still keeping people indoors. India has moved away from one of the strictest lockdowns in the world in the months of March-end, April and partial May. Since, there were almost no on-ground activities, consumption of fuel was at the bare minimum for many weeks.
However, with the opening up of the economy, consumption of petrol and diesel is increasing every day. But just when things are returning to normalcy, prices of fuel are seeing consistent increase for the past 11 days. In fact, within this time frame, Oil companies have increased price of petrol by whopping ₹6.02 per liter whereas diesel has become costlier by ₹6.40 for every liter.
Unfortunately, this has come at a time when international crude prices are at their lows. Crude is hovering around the very manageable $40 per barrel mark.
After the hike, petrol price is ₹77.28 per liter whereas diesel now costs ₹75.79 per liter in Delhi. Excise duty, which has been increased multiple times in the last few years, constitutes about ₹33 per liter for petrol and around ₹32 per liter for diesel.
This is a double whammy for all the citizens as we have just moved out of a lockdown which has depleted our cash reserves. There is no proper explanation by the Oil companies as to why is there a consistent hike in fuel prices across the nation when it should have been the opposite!
Source – ET Auto