The price of petrol and diesel went up for the eleventh consecutive day on Wednesday, touching the highest level since more than a year.
Petrol price increased by 55 paise and diesel by 69 paise per litre to Rs 77.28 and Rs 75.79 per litre respectively on Wednesday in the national capital.
Oil marketing companies have started raising petrol and diesel prices daily from June 7 after 83 days break since March 16. In these 11 days, petrol price has increased by Rs 5.42 a litre and diesel price by Rs 5.8 a litre in the national capital.
According to a report, state-run oil marketing companies have been suffering losses of about Rs 8 on every litre of petrol and diesel they sell after Brent crude oil rates rebounded from the record lows of around $20 a barrel and the central government hiked excise duties last month.
Therefore, the price of petrol and diesel could be hiked further for the next two weeks to cover the shortfall.
Fuel prices were last revised on March 16 but some state governments raised value-added tax (VAT) or cess to shore up their revenues, which went down during the coronavirus-induced lockdown.
The Centre levies specific excise duty on the two fuels. On March 14, it mopped up additional Rs 3 per litre from petrol and diesel each to fund its Covid-19 relief measures raising total central levies on petrol are to Rs 22.98 per litre on petrol and Rs 18.83 per litre.
Despite hikes in the central levies, pump prices of petrol and diesel were not raised due to a sharp decline in international oil prices.
Congress president Sonia Gandhi on Tuesday urged Prime Minister Narendra Modi to roll back recent fuel price hikes and pass on the benefit of reduced international crude oil rates to consumers.
“(If) you want citizens to be self-reliant then do not place financial fetters on their ability to move forward,” Sonia Gandhi said.
Gandhi said in her letter that the hikes came at a time when the country was facing unprecedented public health, economic and social challenges during the ongoing battle against Covid-19 pandemic.
The letter came a day after Congress leader Rahul Gandhi criticised the government over the increase in petrol and diesel prices.
Here is what petrol and diesel will cost in top cities:
New Delhi: Petrol Rs 77.28 and diesel Rs 75.79
Mumbai: Petrol Rs 84.15 and diesel Rs 74.32
Chennai: Petrol Rs 80.86 and diesel Rs 73.69
Kolkata: Petrol Rs 79.08 and diesel Rs 71.38
Gurgaon: Petrol Rs 75.83 and diesel Rs 68.51
Hyderabad: Petrol Rs 80.02 and diesel Rs 80.22
Bengaluru: Petrol Rs 79.79 and diesel Rs 72.07