The prices of petrol and diesel were hiked by 60 paise per litre each on Thursday. It was the fifth daily hike in the rates of petrol and diesel after the oil marketing companies (OMCs) started its daily revision of prices.
According to the state oil marketing companies, the petrol price in Delhi was increased to Rs 74 per litre from Rs 73.40 while the rates of diesel were hiked to Rs 72.22 a litre from Rs 71.62.
Earlier, the retailers had decided not to revise the prices for more than 80 days since mid-March. It was because of the situation arising out of the coronavirus lockdown led to a hike in excise duties and a fall in demand.
As the central government announced the phase-wise reopening of the economy under ‘Unlock 1.0’ or ‘lockdown 5.0’, the demand for fuel started increasing gradually as the economic activities resumed.
Meanwhile, the Indian Oil Corporation Ltd (IOC) said that the consumption of all petroleum products almost doubled last month as compared to April 2020.
Here are the latest prices of petrol, diesel in top cities:
- New Delhi: Petrol Rs 74; Diesel Rs 72.22
- Gurgaon: Petrol Rs 73.32; Diesel Rs 65.36
- Mumbai: Petrol Rs 80.98; Diesel Rs 70.92
- Chennai: Petrol Rs 77.96; Diesel Rs 70.64
- Hyderabad: Petrol Rs 76.82; Diesel Rs 70.59
Earlier, the central government has increased the excise duty twice on automobile fuels. In fact, some of the state governments have increased the cess or VAT on their part.