Fuel prices hiked again in the country
For the first time, diesel prices went past petrol prices in New Delhi. Courtesy: India.com

Fuel Prices Increases Again, Petrol Crosses Rs 80 Mark

June 26, 2020

Fuel prices increased for the 20th day in a row on Friday, with petrol priced at Rs 80.13 per litre and diesel at Rs 80.19 a lire in Delhi.

The increase was of 21 paise in the price of petrol and 17 paise a litre in diesel price.

Since June 7, the petrol prices in the country have gone up when the daily revision of prices started after a gap of 82 days due to COVID-19.

It may be mentioned here that diesel prices in Delhi shot past petrol prices for the first time ever on Wednesday.

Indian Oil Corporation Limited (IOCL) chairman Sanjiv Singh on Thursday had said that higher diesel price in Delhi as a result of a steep hike in Value Added Tax or VAT by the state government.

"VAT is lower in other cities which have meant diesel remains cheaper than petrol," he said.

“The Delhi government, however, had increased VAT on petrol from 27 per cent to 30 per cent," Singh added.

"On diesel, the government increased the VAT from 16.75 per cent to 30 per cent on May 5," the IOCL chairman further added.

"It's worth mentioning here that state-owned fuel firms benchmark retail rates to Arab-Gulf international fuel prices and a formula decides them," the IOCL chairman said.

Adding further he said that the demand dropped drastically in the aftermath of lockdowns imposed across the globe after the pandemic struck and this sent fuel prices plunging to a multi-year low.

"This included oil futures falling below zero on one day in US trading," reported Hindustan Times.

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