Economy

Petrol, diesel prices rise on Tuesday after 19-day freeze

Petrol, diesel prices rise on Tuesday after 19-day freeze”

Petrol and diesel prices across the country were raised second consecutive day on Tuesday, after the 19 day freeze on price changes by Oil Marketing Companies (OMCs). Similarly, in Delhi the petrol price touched Rs 74.80 a litre, while diesel prices stood at Rs 66.14.

Meanwhile, Diesel will now cost Rs 66.57 in New Delhi, Rs 69.11 in Kolkata, Rs 70.88 in Mumbai and Rs 70.25 in Chennai. The companies need to catch up on market prices as 19-day price freeze has created a wider gap.

The politically risk-free hike not only raised questions about the so-called policy to deregulate energy prices but was also criticised by the Opposition as the worst form of trickery on the people.

South African motorists are now facing increases of 74 cents per litre for oil, 81 cents per litre for diesel, and 78 cents for paraffin. State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision, following which fuel prices are revised at 6 am every day.

There is, however, some good news for you as after rising consistently crude oil prices fell on Wednesday on reports that there would be ample supply despite a cut in oil production by OPEC countries and United States sanctions against Iran, which is a major crude oil export country.

Petrol now costs Rs 75.10 in Delhi a litre, Rs 77.79 in Kolkata, Rs 82.94 in Mumbai, Rs 77.93 in Chennai, Rs 76.31 in Bengaluru, and Rs 79.55 in Hyderabad. Adding to the woes, the government has also denied reducing excise duty prices, thus taking a bigger hit on the public. Today, diesel prices were increased in the range of 21 paisa to 23 paisa per litre. Kuku Marwaha, President of Nagpur Truckers Unity, said that the transporters were bearing the brunt of high fuel prices.

"The increase in petrol and diesel prices is on account of price movement of the products in the global market". Diesel, on the other hand, has already retailing at its highest-ever price in India. More taxes on petrol and diesel, more burden on the consumer.



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