Not again! Fuel prices go up

Petrol and diesel prices soared to record highs on Friday after rates were hiked for the fourth day in a row. Petrol price was increased by 31 paise per litre and diesel by 35 paise a litre, according to a price notification of state-owned fuel retailers.

This took petrol price to an all-time high of Rs.88.14 a litre in Delhi and to Rs.94.64 in Mumbai.
Diesel rates rose to Rs 78.38 per litre in the national capital and to an all-time high of Rs 85.32 in Mumbai.

In four days, prices have gone up by Rs.1.21 per litre for petrol, while diesel has risen by Rs.1.25 a litre.

Oil Minister Dharmendra Pradhan had told Parliament that the government is not considering a reduction in excise duty to cool rates from their record highs.

Rates have risen as international oil prices touched $61 per barrel for the first time in more than a year on improving demand outlook amid the global rollout of COVID-19 vaccines, he had said.

Central and state taxes make up for over 61 per cent of the retail selling price of petrol and about 56 per cent of diesel.

Retail petrol rates have risen by Rs.18.57 per litre since mid-March 2020, after the government raised taxes by a record margin to mop up gains arising from fall in international oil prices. Diesel rates have gone up by Rs.16.09.