Petrol prices breach ₹75-mark in Delhi in seventh consecutive hike

Petrol prices breach ₹75-mark in Delhi in seventh consecutive hike”

There appears no stopping the rising prices of petrol and diesel in the country as Saturday saw the seventh straight hike. Since March 5, the government has earned as much as Rs 2.5 trillion by way of increasing petrol, diesel prices.

Kolkata too felt the brunt of rising fuel prices as the price of a litre of petrol rose 57 paise to Rs 77.05 per litre.

In Delhi, one litre of petrol cost Rs 75.16 per litre, up from Rs 74.57 per litre on Friday, an increase of 59 paise.

In other cities, the increase could vary depending on the tax structure on products. If this has to be covered over a period of time, given there is no further increase in global prices, auto fuel prices may be increased by 40-60 paise per day for a couple of weeks to cover the losses. India is the world's third largest oil importer.

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How fuel prices have gone up this week in India. Even global crude prices have more than doubled from April levels at close to $40 a barrel level.

Former Union Minister Kapil Sibal said at a press conference that Central excise duty on petrol has been increased by 258% and on diesel by 819% since the Modi government came to power in May 2014.

Prices of transportation fuel were last revised under the dynamic pricing policy on March 16 and there were few instances of price hike later only when the respective state governments hiked Value-Added Tax or cess. According to Care Ratings, the government now collects 270% taxes on the base price of petrol and 256% for diesel. The total incidence of excise duty on petrol has risen to Rs 32.98 per litre and that on diesel to Rs 31.83.

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