India

Petrol price inches closer to ₹90-mark in Delhi after fresh hike

The prices of petrol and diesel were hiked again by 30 paise and 35 paise by the oil marketing companies on Tuesday. This took the price of petrol to 89.29 per litre and diesel to 79.70 in Delhi.

The retail rates, which differ from state to state depending on the incidence of local sales tax or VAT and freight charges, will see another surge after the latest round of hike.

In Maharashtra’s Pune, petrol hit a record high of 95.10 a litre on Monday and diesel soared to 84.68 a litre. In Parbhani, a variant of petrol with additives has already crossed the 100-mark.

Meanwhile, in Rajasthan’s Sriganganagar town, petrol soared to 99.56 and diesel to 91.48 per litre.

The fuel prices have been on the rise since February 9.

In eight days, prices have gone up by 2.34 per litre for petrol and 2.57 for diesel.

The relentless hike in prices has been criticised by the opposition parties including Congress that has demanded an immediate cut in taxes to ease the burden on the common man.

It had also organised a six-hour bandh Odisha which affected normal life in the state.

The continuous increase in the petrol and diesel prices has also started to reflect on the market. “As transportation expenditure has increased, there has been a 10% increase in the prices of essential commodities such as rice, oil and sugar,” said Popatlal Ostwal, president, Poona Merchant Chambers.

Oil Minister Dharmendra Pradhan last week had told Parliament that the government is not considering a reduction in excise duty to cool rates from their record highs.

Central and state taxes make up for over 61 per cent of the retail selling price of petrol and about 56 per cent of diesel.

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