The era of many a fuel price hike has yet to come to an end and the most recent of them all has sent petrol rates to record highs yet again in India.
This is thanks to Oil Marketing Companies (OMCs) increasing the prices of both petrol and diesel in the region of 25 paise per litre in the national capital and elsewhere across the nation.
The asking price of petrol in Delhi is Rs. 84.95/- a litre today (18th January 2021), which is its highest ever. Diesel, on the other hand, costs Rs. 75.13/- per litre there.
Other metro cities experienced a similar fuel price hike too. In Mumbai a motorist would have to shell out Rs. 91.56/- for a litre of petrol, while diesel costs Rs. 81.87/- a litre.
In Kolkata, petrol is being retailed at Rs. 86.39/- per litre, while diesel costs Rs. 78.72/- a litre and in Chennai, petrol is priced at Rs. 87.63/- and diesel Rs. 80.43/- per litre.
After a nearly month-long hiatus, OMCs started increasing the asking rates of both petrol and diesel earlier this month. This recent price hike is the third of its kind witnessed in January 2021, while the last two fuel price hikes were done on 6th and 7th January.
This fuel price hike is a direct consequence of increasing global fuel prices. The initiation of COVID-19 vaccination drives across the globe has also led to the surge in oil rates.
However, government also has a role to play in this. Reduction of taxes levied on automotive fuel would go a long way in saving people from further feeling the pinch.
