The petrol and diesel prices have gone up for the eighth consecutive day across all metro cities in the country. With the new retail prices coming into effect this morning, the price of petrol and diesel now stand at ₹ 75.78 per litre and ₹ 74.03 per litre respectively in the capital city. On Sunday, petrol retailed at pumps in Delhi at ₹ 75.16, which has been hiked by 62 paise. Diesel previously priced at ₹ 73.39 per litre, sees a price increase of 64 paise per litre in Delhi. The consumers in Mumbai will have to pay ₹ 82.70 per litre for petrol and ₹ 72.64 per litre for diesel.
Chennai residents will have to shell out ₹ 79.53 petrol and Rs 72.10 for diesel. In Kolkata, petrol is being sold at ₹ 77.64 per litre and diesel at ₹ 69.80 per litre. The prices for the petroleum products were hiked by 59 paise a litre and 58 paise a litre yesterday in Delhi. The oil companies hiked the prices of petrol and diesel for the seventh straight day for adjusting retail retails with costs post a long pause of over 80 days.
The revision in the prices of the petroleum products is carried out throughout the country, and the prices are subject to vary from state to state depending on the local sales tax or VAT imposed by the state government.
The oil marketing companies decided to freeze the rate revision in mid-March as the government increased the excise duty on the petroleum products for additional finances for fighting the Covid-19 pandemic. The oil companies such as Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) adjusted the excise duty hike against the fall in the retail rates, instead of passing it to the customers.