Economy

Petrol price hiked by 57 paise/litre, diesel by 59 paise in Delhi

Petrol price hiked by 57 paise/litre, diesel by 59 paise in Delhi”

He explained the goal of the gazette was meant to enforce price control for retail petrol and diesel by oil companies and petrol station operators so that they do not exceed the prices set by the Finance Ministry. According to the latest update, the petrol prices have gone up by 57 paise, making it Rs 74.57 per litre while the diesel prices have been increased by 59 paise, which has made it Rs 72.81 per litre in Delhi today.

This is the sixth consecutive daily increase in rates since oil companies on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

The government confirmed a further increase in fuel prices, which will be applied from midnight on Thursday.

Bharat Petroleum had also predicted last month that India's fuel demand would return to pre-Covid-19 levels by July.

Revocation petrol price order

Oil companies did not pass on that excise duty hike, as well as the May 6 increase in tax on petrol by Rs 10 per litre and Rs 13 a litre hike on diesel by setting them off against the decline in retail prices that should have effected to reflect global oil rates falling to two-decade low.

"As of March 30, 2017, retail prices of petrol and diesel have been regulated on a weekly basis and enforced by KPDNHEP under the Price Control and Anti-Profiteering (Determination of Maximum Retail Price for Petrol and Diesel) in accordance with the Price Control and Anti-Profiteering Act 2011", he said via a press statement.

The increase in retail price under daily price revision would largely depend on prevailing oil prices and global oil market at the time to determine the retail price.

For now, however, brace for more upward change in the upcoming days.

More news: Amy Acton out as Ohio Department of Health director



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