(T.E.T)
For the sixth time in the last seven days, the prices of fuel have increased across the country, with the national capital currently selling petrol at Rs 99.41 per litre after a 30 paise hike, while the price of diesel is up to Rs 90.77 per litre after a 35 paise hike. Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation. This is the sixth increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22.
In the first four four occasions, prices were increased by 80 paise a litre – the steepest single-day rise since the daily price revision was introduced in June 2017. On Sunday, petrol price went up by 50 paise a litre and diesel by 55 paise. The increase in retail price warranted from crude oil prices rising during the 137 day hiatus from around USD 82 per barrel to USD 120 is huge but state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are passing on the required increase in stages. Moody’s Investors Services last week stated that state retailers together lost around USD 2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.
