new Delhi. Public sector oil marketing companies on Tuesday raised petrol price by 47 paisa per liter and diesel by 57 paise per liter. This is the tenth consecutive day when oil companies have adjusted the prices of both fuels according to cost. Oil companies on Monday also increased petrol price by 48 paisa per liter and diesel by 59 paise.
According to the notification of the oil companies, the price of petrol in Delhi has increased from Rs 76.26 to Rs 76.73 per liter. At the same time, the price of diesel has increased from Rs 74.62 to Rs 75.19 per liter. This increase in price has been made across the country, but their prices may vary depending on VAT (Value Added Tax) or local sales tax in each state. Oil companies have been reviewing prices since June 2017 on a daily basis.
The companies started the price revision from June 7, after keeping the price review postponed for 82 days. This is the tenth consecutive day since then when fuel prices have gone up. In the last ten days, petrol prices have increased by Rs 5.47 per liter and diesel rates by Rs 5.70 per liter.
The government on March 14 increased the excise duty on petrol and diesel by Rs 3 per liter with the intention of taking advantage of the fall in crude oil prices due to the corona virus epidemic in the international market and raising additional resources. Thereafter, oil companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) stopped the daily review of prices. After that the government again increased the excise duty on petrol by Rs 10 per liter and on diesel by Rs 13 per liter. This two-time increase gave the government additional tax revenue of Rs 2 lakh crore.
The oil companies, however, did not pass on the increase in excise duty to the customers, but adjusted it with the fall in crude oil prices in the international market. Officials said the daily review of oil prices was halted due to excessive fluctuations in the international market. Now that the market has started showing some degree of stability, the daily price review has been started.
This post was published on June 16, 2020 10:12 am
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