Economy

Govt raises petrol price by almost Rs26 citing 'global rise in prices'

Govt raises petrol price by almost Rs26 citing 'global rise in prices'”

Indian Oil Corp had previously informed that it is because of Value-Added Tax imposed by the Delhi government that diesel prices had shot past petrol on Wednesday.

Petrol and diesel rates once again saw an increase on Friday, maintaining the northward trend that began on June 7 and has continued since.

Diesel may still be cheaper than petrol in other metropolitan cities but prices of both fuels have touched new highs in recent weeks. Light diesel oil was earlier being sold at Rs 47.51 per liter.

The Oil and Gas Regulatory Authority proposes new rates in a summary to the government at the end of every month.

By how much will the petrol price increase in July? Though the fuel prices are already at an alarming level, relief in the near-term is not expected.

More news: Trump cancels weekend trip to Bedminster

Besides the 17pc GST, the government has nearly quadrupled the rate of petroleum levy on HSD and petrol to Rs30 per litre - the maximum permissible limit - from Rs8 per litre in January past year.

Meanwhile, as cases related to coronavirus ballooned across the world and many countries imposed nationwide lockdown, the demand for crude oil dramatically fell, pulling down the crude oil prices.

The government determines local prices based on past prices of worldwide oil.

While diesel had already peaked to new record highs last week, petrol prices are close to the all-time high rates last seen in October 2018 when worldwide oil prices had spiked close to $80 per barrel. This is because the price of global crude oil has also increased from $20 a barrel two months ago to more than $40 per barrel in June.



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