For the last couple of weeks, the petroleum products maintained an upward trajectory in prices touching new highs. On 18th consecutive day, the oil companies increased the prices of diesel by 48 paise whereas the petrol prices remained unchanged. Petrol in Delhi now costs ₹ 79.76 per litre while the diesel retails at ₹ 79.88 per litre, as per the report from ANI. For the first time in Delhi, the diesel price has surpassed the petrol price. Moreover, the petrol price has remained untouched for the first time since June 7, 2020.
Also Read: Petrol, Diesel Prices Hiked On The 17th Consecutive Day
For the first time in Delhi, diesel has become costlier than petrol
As the diesel price has been hiked for the 18th day in a row since June 7, the total hike in diesel price amounts ₹ 10.49 per litre. As far as other states are concerned, the petrol prices will also rise but diesel will be cheaper than petrol due to lower taxes levied by other states. However, the price gap between the two petroleum products will shrink further. The oil marketing companies have been revising retail prices in line with costs after an 82-day gap from rate revision due to the COVID-19 crisis.
Though the surging petroleum prices may create the required revenue for the government, it would also cause an unfavourable impact on household budgets. Also, the increase in diesel prices would have a wider impact on the transport and agricultural sectors which are largely dependent on the fuel.
Also Read: Petrol, Diesel Prices Hiked By 35 Paisa, 60 Paisa; Diesel Price Hits New Record High
Oil companies resumed daily revision of fuel rates earlier this month after a hiatus of over 2 months, due to the lockdown
In the last 17 days, the retailers have cumulatively raised petrol and diesel prices by ₹ 8.50 per litre and ₹ 9.77 per litre. Both the petroleum products have seen an increase of 14 per cent and over 26 per cent respectively, ever since the oil retailers resumed daily price revision on June 7 after a gap of 82 days.
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