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Petrol, diesel prices at record high after 7th consecutive hike. Check rates

Petrol and diesel rates across the country have increased yet again after they were hiked by oil marketing companies for a seventh consecutive day.

     February 15, 2021; Petrol and diesel rates across the country were hiked for the seventh consecutive day, as both fuel prices hit fresh record highs on Monday. The price of petrol in Delhi is close to Rs 89 per litre after the fresh hike of 26 paise.

In Mumbai, the price of normal petrol has crossed Rs 95 per litre, while petrol with additives has now crossed the Rs 100-mark in Maharashtra’s Parbhani district. The higher cost in this district is due to long-distance transport.

Another city where normal petrol is about to cross Rs 100/litre is Rajasthan’s Sriganganagar. In the capital city of Jaipur, petrol is retailing at Rs 95.51.

There are several cities where petrol is now retailing above Rs 90. In Kolkata, a litre of petrol costs Rs 90.25 after today’s hike by oil marketing companies. The cost of petrol has also breached the Rs 91-mark after the fresh hike.

Other cities where petrol price has crossed Rs 90 per litre are Bengaluru (Rs 91.97), Hyderabad (Rs 92.53), Patna (Rs 91.67) and Thiruvananthapuram (Rs 90.87).

Diesel prices also remain elevated in most cities and districts across the country. In the national capital, diesel is retailing at Rs 79.35 per litre after the latest 29 paise hike today. In Kolkata, the price of diesel has gone up to Rs 82.94, while Mumbaikars will have to pay Rs 86.34 for a litre of diesel from today.

The cost of a litre of diesel in Chennai has gone up to Rs 84.44, compared to Rs 84.16 per litre on Sunday. The price of diesel also remains elevated in other cities like Bengaluru (Rs 84.12), Bhubaneshwar (Rs 86.63), Hyderabad (Rs 86.55), Jaipur (Rs 87.76), Patna (Rs 84.84) and Thiruvananthapuram (Rs 85.30)

The sharp hike in fuel prices has worried citizens, who have requested the government several times to lower taxes on fuel to rationalise rates. It is worth mentioning that India has one of the highest rates of taxes on both petrol and diesel. However, the government is unlikely to reduce excise duty as it looks to strengthen its revenue position after the Covid-19 crisis.

With global crude prices crossing the $60-mark, there are high chances that fuel prices will further increase across the world — something that can have severe consequence in countries like India where fuel prices are already high due to a high rate of taxes and levies.

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