NEW DELHI :
Petrol and diesel prices were hiked for the eighth consecutive day today. The price of petrol went up by 62 paise a litre and that of diesel by 64 paise a litre today. In the last eight days, petrol has become costlier by ₹4.52 a litre and diesel by ₹4.64 a litre.
According to reports, oil marketing companies could continue with the price rise for few more days as crude oil rates have almost doubled since April lows. Due to a freeze in oil prices for over 80 days from March 16, a big hike in excise duties and a slump in demand due to lockdown, oil marketing companies are said to have suffered huge losses during the period.
Latest petrol, diesel prices in top cities:
New Delhi: Petrol ₹75.78 Diesel ₹74.03
Gurgaon: Petrol ₹74.68. Diesel ₹66.92
Mumbai: Petrol ₹82.70. Diesel ₹72.64
Chennai: Petrol ₹79.53. Diesel ₹72.18
Hyderabad: Petrol ₹78.67. Diesel ₹72.36
Bengaluru: Petrol ₹78.23. Diesel ₹70.39
Brent crude oil rates, which were hovering above $40 a barrel mark settled the week at $38.73 a barrel with a weekly decline of about 8%. Amid fears of a second wave of coronavirus hitting global oil demand, oil recorded its first weekly loss in six weeks. Since April, oil rates have now almost doubled.
Congress leader Kapil Sibal has slammed the government over the hike in fuel prices saying that excise duty on petrol and diesel has increased by 258 per cent and 819 per cent respectively since May 2014.
He said central excise and VAT cumulatively account for 69 per cent of tax on fuel in India which is higher than anywhere else in the world. He said the tax of fuel in the US was 19 per cent, Japan 47 per cent, the UK 62 per cent, France 63 per cent and Germany 65 per cent.
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