Day 13: Petrol price hiked by 56 paise, diesel by 63 paise
Petrol price on Friday was hiked by 56 paise per litre and diesel by 63 paise a litre, taking the cumulative increase in rates to ₹7.11 and ₹7.67 per litre respectively in less than two weeks.
Petrol price in Delhi was hiked to ₹78.37 per litre from ₹77.81, while diesel rates were increased to ₹77.06 a litre from ₹76.43, according to a price notification of state oil marketing companies.
Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.
This is the 13th daily increase in rates in a row since oil companies on June 7 restarted revising prices in line with costs, after ending an 82-day hiatus in rate revision. In 13 hikes, petrol price has gone up by ₹7.11 per litre and diesel by ₹7.67 a litre.
The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.
Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) instead of passing on the excise duty hikes to customers adjusted them against the fall in the retail rates that was warranted because of fall in international oil prices to a two-decade low.
International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.