Oil Marketing Companies (OMCs) have finally given the common man a chance to heave a sigh of relief as fuel prices have stayed the same for the second successive day today.
Fuel prices skyrocketed after firms were allowed to revise rates once again in from 7th June. The fact that the Centre had increased excise duty by Rs. 16 for diesel and Rs. 13 for petrol in two revisions witnessed in March and April this year did not help matters either.
For over 20 days, fuel rates crept and jumped upwards only to come to a halt on 30th June. No changes were made today as well and the brief hiatus has been welcome.
The price of fuel in the national capital is a bit unusual as diesel is sold at a 10 paise premium (at Rs. 80.53) over a litre of petrol (Rs. 80.43), a trend seen nowhere else in the country.
No changes were seen at other metros across the nation either. In Mumbai, petrol is retailed at Rs. 87.19 per litre, while diesel is sold for Rs. 78.83 per litre. Prices in Bengaluru, Chennai, Hyderabad and Kolkata too were at a standstill.
It must be noted that fuel prices soared in India despite crude oil prices hitting record lows. Although there has been no hike in fuel rates for the past two days, it must be seen whether the trend will continue or if prices will rise again.
The government had increased excise duty on fuel to deal with reduced revenue due to the lockdown that was imposed to prevent COVID-19 from spreading like wildfire across the nation.
Fuel Prices
- No changes in retail prices of petrol and diesel for the second day today (1st July)
- Diesel is sold at Rs. 80.53 per litre in Delhi, petrol at Rs. 80.43
- Fuel prices skyrocketed from 7th June
