After a one-day pause, petrol and diesel prices touched historic highs in India as prices were hiked again by 29 to 31 paise on Monday June 14. With the latest round of hike, both key fuels are retailing at all-time high in many cities across the country by Rs 5.72 to Rs 6.25 per litre in less than six weeks. This is also due to a combination of rising international oil prices and record high central and state taxes.
Petrol prices have touched all-time high of Rs 102.58 a litre in Mumbai, with an increase of 28 paise from the previous day price. While, diesel also increased by 31 paise to sell at Rs 94.70 in the financial capital. Meanwhile, in the national capital the price of petrol was hiked by 29 paise from Rs 96.12 per litre to Rs 96.41 per litre and diesel prices were increased by 30 paise from Rs 86.98 per litre to Rs 87.28 per litre.
Following today’s price rise, petrol is currently retailing at Rs 96.34 per litre and diesel at Rs 90.12 per litre, in Kolkata. While in Chennai, the fuel prices were revised to Rs 97.69 per litre for petrol and Rs 91.92 per litre for diesel.
On Monday morning oil prices on the global front Brent crude futures were up at USD 72.83 per barrel. While, U.S. West Texas Intermediate (WTI) futures were also up, trading at USD 71.05 a barrel, a cnbctv18 report cited Reuters data.
Union petroleum minister Dharmendra Pradhan on Sunday accepted the rising prices of petrol and diesel are problematic. But also cited that it can’t be brought down because the government is saving money to spend on welfare schemes.
Presently, petrol is retailing above Rs 100/litre mark in six states and Union Territories across the country, including Rajasthan, Maharashtra, Andhra Pradesh, Madhya Pradesh, Telangana and Ladakh. The prices of both fuels are reviewed by state-run OMCs like Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) on a daily basis and any revision is applied from 6 am in the morning.