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After being shut for close to 90 days, Oil and Petroleum companies have started increasing prices of petrol and diesel across the country. Fuel rates have been adjusted for six days in a row, making fuel more dearer.Prices increased today by Rs 0.57 per liter for petrol, and by Rs 0.59 for diesel. Petrol prices at the Capital stand at Rs 74.57 per litre for petrol, and Rs 72.22 per liter for diesel.
The increase in prices are in sync with a price notification that was issued by state-owned oil marketing companies. The increase in prices cater for local sales taxes, and value added taxes across all states. The last week has seen petrol and diesel prices increase by Rs 3.31 per liter and Rs 3.42 per liter, respectively.
Oil and petroleum companies are hopeful that demand for convention fuel will increase over the next few months. The Central and State Governments announced a relaxation in the lockdown during May and fuel companies have witnessed better sales.
Reports suggest that sales increased by 72 percent for petrol, and 75 percent for diesel. Sales figures stand at 5.75 lakh tonnes and 19.30 lakh tonnes for petrol and diesel respectively.
Sales figures however, stand as less than half the amount of petrol that was sold during the first fortnight of May 2019. The same period last year registered 11 lakh tonnes in sales.
Aviation Turbine Fuel or jet fuel sales almost doubled during May 2020 (as compared to April 2020) and stand at 39,000 tonnes, but is still 87.5 percent lower when compared to the 31 lakh tonnes sold during the first fortnight of May 2019.
Thoughts About The Increase In Petrol And Diesel Prices
An increase in fuel prices comes as no surprise as prices were to increase starting 1 April this year because of the BS6 upgrades that were mandated in the country. As multiple markets and industries have resumed operations from June 8 onwards, the demand for petroleum products is expected to increase. There's no certainty however, if an increase in demand will lead to a marginal drop in prices.