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In what definitely comes as a surprise, fuel prices have been increased yet again across the country. Prices for petrol crossed the Rs 80 per liter mark at the national capital for the first time in over two years.
Oil and Petroleum companies continue to increase prices for petrol and diesel in order to recover from losses incurred over the almost 90 day lockdown that was in effect across the country.
According to state-owned oil marketing companies, fuel manufacturers have increased prices for petrol by Rs 0.21 per litre and prices for diesel by Rs 0.17.
Petrol and diesel prices at Delhi stand at Rs 80.13 and Rs 80.19 per liter, respectively, from the earlier pricing that stood at Rs 79.92 and Rs 80.02 per liter respectively.
While fuel prices have been increased across the country, final retailing prices differ depending on local sales taxes and VAT. Prices for petrol and diesel in Mumbai for example, stand at Rs 86.91 and Rs 78.51 per litre, respectively.
These increases have resulted in prices for petrol crossing the Rs 80 mark after at least two years, and has resulted in diesel prices at an all-time high.
Petrol prices have been increased for 19 consecutive days, while diesel prices have been increased for 20 days in a row. The collective increase in fuel prices since 7 June stands at Rs 8.87 for petrol, and Rs 10.80 for diesel.
Diesel is more expensive than petrol only in Delhi where the local government has increased local sales taxes and VAT for fuel over the last month. Diesel is relatively cheaper than petrol in other parts of the country.
Oil companies started increasing fuel prices that they say are in sync with costs incurred over the lockdown period that saw steep excise duty hikes by the Central Government against the fall of international prices for crude oil.
Thoughts About Another Increase In Fuel Prices Across The Country
This isn't good news at all. An increase in prices will have a negative effect across multiple industries. The Auto Industry is nowhere close to recovering from the recession it was in before the Covid-19 pandemic, and the Public Transport and Road Transport Industries are suffering because of lack of business fueled by increasing petroleum prices. The government needs to address this inflation as soon as possible.