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Fuel prices have risen in the country for the 14th consecutive day. Petrol and diesel prices at Delhi went up by Rs 0.51 and Rs 0.61 for petrol and diesel respectively.
Prices for petroleum products have been increasing on an everyday basis since petro companies resumed operations after an almost 90 day hiatus thanks to the Covid-19 pandemic and the subsequent nationwide lockdown that was in effect.
The increase in fuel prices have been accelerated by companies wanting to cover up for losses incurred during the lockdown period. Prices for a litre of petrol and diesel stand at Rs 78.88 and Rs 77.67.
Prices in the country's financial capital, Mumbai, stand at Rs 82.27 per litre and Rs 76.11 per litre, respectively. Prices in Kolkata stand at Rs 82.27 and Rs 75.29 per litre for petrol and diesel respectively.
Prices per litre for both the commodities vary from state to state because of different rates of local taxes and Value Added Taxes imposed by the state governments.
Analysts had predicted that increases in prices for petrol and diesel would continue until the end of June this year. In addition, the Central Government is unlikely to roll back any taxes imposed on the commodities because it will directly impact revenue generation.
Also, bringing fuels products like petrol and diesel under the Goods and Services Tax (GST) umbrella is a bleak possibility.
Prices for crude oil have stabilized over the last few days and stand at USD 40 per barrel, after falling during the month of April - good news, considering India is one of the biggest importers of crude oil.
The Oil Industry has been affected by the Covid-19 pandemic as demand crashed while countries were in a lock down. In order to boost sales and increase demand, oil producing countries have cut back on production.
Thoughts About The Increasing Prices Of Petrol And Diesel
While we understand an increase in petrol prices because of the switch from BS4 to BS6 compliance, increasing prices will impact an already struggling Auto Industry. Higher fuel prices will make a consumer think twice before buying a vehicle, especially in the two-wheeler segment where fuel prices are sensitive, and raises cost of operations significantly.