Economy

Quietly, petrol is Rs 6 a litre costlier

Quietly, petrol is Rs 6 a litre costlier”

The daily revision of fuel prices has camouflaged the increase of cost of petrol and diesel, silently pinching the pockets of motorists. The Prices of petrol are raised by Rs 6. According to statistics released by oil companies, petrol has risen by Rs. 6/ Prices went up by a three-year high at Rs 6 a litre after the day-to-day petrol price decision procedure came into effect. The petrol price in August 2014 was Rs 69.04 (Delhi), which is now Rs 70.33 per litre. After 3rd July, the rate went up regularly excepting four occasions when prices were decreased by 2-9 paise per word.

The Diesel was priced at Rs 54.49 on June 16, and it dropped to Rs 53.36 on July 2 but as similar to the petrol, it also hiking frequently and reached to the highest in four months and now it is priced at Rs 57.03. The price of diesel was up Rs 1.60, from Rs 60.30 on August 1 to Rs 61.90. "The daily price revision is an initiative for ensuring the best possible prices to the customers as well as improved transparency in the pricing mechanism", IOCL said.

Oil marketing companies (OMC) had conducted a 40-day pilot in five cities - Chandigarh, Jamshedpur, Puducherry, Udaipur, and Visakhapatnam - before they rolled out the fluctuating price system nationally.

The Petrol price change on a daily basis has led to a steep hike in fuel prices.



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