Govt increases petrol price by Rs25.58

Daniel Fowler
June 27, 2020

While diesel and petrol were retailing at Rs. 80.02 per litre and Rs.79.92 per litre respectively in Delhi on June 25, the same have gone up by 17 paise and 21 paise today making it Rs 80.19 per litre for diesel and Rs 80.13 per litre for petrol.

Following the fresh surge, Diesel is now priced at Rs 80.19 per litre and petrol will cost Rs 80.13 per litre in Delhi, taking rates up by Rs 8.87 for petrol and Rs 10.8 for diesel in 20 days.

Light diesel's new price is Rs55.98 per litre registering an increase of Rs17.84 whereas kerosene oil's new price would now be Rs59.06 per litre with an increase of Rs23.50.

For the third day in a row, diesel price in Delhi continues to be higher than petrol.

While diesel had already peaked to new record highs last week, petrol prices are close to the all-time high rates last seen in October 2018 when worldwide oil prices had spiked close to $80 per barrel.

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Commenting on unaudited month-end fuel price data released by the Central Energy Fund, the AA pointed out worldwide crude oil prices had "continued to advance, setting the stage for extraordinary fuel price hikes despite rand strength during June". Excise duty and taxes amount to 70% of fuel prices, whereas 30% is benchmarked with global prices.

The government has already increased the general sales tax (GST) on all petroleum products to a standard rate of 17pc across the board to generate additional revenues.

Last month, the central government had increased the excise duty on per litre of petrol by Rs 10 and per litre of diesel by Rs 13.

After revision in prices, the new price of high speed diesel had been fixed at Rs 80.15 per liter. For now, governments are looking at revenue generation after weeks of lockdown created roadblocks in this regard.

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