Petrol and diesel prices touch all-time highs


"Therefore, whenever the government wants to hike its revenue, an increase in taxes on petrol and diesel is the easiest way out", said president of MP Petrol Pump Owners' Association, Ajay Singh. However, it cannot be called a relief, because the effect of skyrocketing fuel prices can now be seen in the coming days. Diesel prices are also at a new record high in Mumbai. The auto fuels had risen sharply by 25 paisa per litre each on Monday and Tuesday before OMCs chose to give relief to consumers from frequent price rise for last two days.

The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices.

With this, petrol became dearer to 85.70 Indian rupees (around 1.17 US dollars) per liter and diesel became dearer to 75.88 Indian rupees (around 1.03 USA dollars) per liter in Delhi.

In Kolkata, petrol will now cost ₹87.11 per litre and diesel will cost ₹79.48 a litre. "At the moment, the LPG in the open market is around Rs 700 per cylinder, whereas LPG in the open market without subsidy during our time again as I have said 12 cylinders per year, the subsidized rate were much lower, the subsidized LPG cylinder has gone up from Rs 414 per cylinder to Rs 700".

Recently, after being on hold for 29 days, oil companies started raising prices.

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This is the second straight day of increase in fuel prices, with overall rates going up by Re 1 for every litre this week.

Diesel sold at Rs 85.77 per litre in this tribal dominated town on Monday. Following the price revision, the cost of per litre petrol in Mumbai is also at its record high of Rs 92.04.

Following today's spike, diesel is priced at Rs 75.13 per litre in Delhi and Rs 81.87 per litre in Mumbai. BJP state secretary Rajnish Agrawal said the state government hasn't levied anything on the fuel and prices are high due to existing taxation structure.

In the wake of unilateral production cuts announced by Saudi Arabia, the global crude prices showed some signs of softening declining by less than one per cent to close to $55 a barrel.

This sudden surge in prices hasn't been witnessed in the country since October 4, 2018, when crude prices had shot up to $80 a barrel.