Petrol Nears ₹80, Diesel at New High After 16 Price Hikes in a Row

This is the 16th consecutive price hike in oil prices since 7 June.

Published22 Jun 2020, 07:51 AM IST
India
1 min read

Petrol prices were hiked by 33 paise per litre and diesel prices were hiked by 58 paise to take retail oil rates to an all-time high as oil companies hiked prices for the 16th day in a row.

In these 16 days, petrol prices were hiked by Rs 8.3 per litre and diesel prices were hiked by Rs 9.46 per litre, making it a record increase in the rates of fuel in any fortnight since deregulation in April 2002.

Oil rates have been increased across the country and vary according to local tax and value added taxes (VAT).

Over the last 16 days, prices were hiked every single day, as oil companies restarted revising prices from 7 June, after a 82-day hiatus from rate revisions. This has taken diesel and petrol prices to record highs.

Petrol is at a two-year high, while in the case of diesel, the last peak rates, before the current rally, were recorded on 16 October 2018.

Prices in Delhi at that time had touched Rs 75.69 per litre. Currently, petrol price in Delhi stands Rs 79.23 per litre while diesel rates stand at Rs 78.27 per litre, according to a price notification of state oil marketing companies.

(With inputs from PTI)

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