For instance at the beginning of 2018, the diesel fuel costed only around Rs. 62 in Delhi and within the space of 18 months, it has certainly skyrocketed.
The price of petrol has risen by Rs 8.5/litre and the price of diesel has increased by Rs 10.5 per litre since June 7 when oil marketing companies began revising the prices of petrol and diesel after an 82-day hiatus during which the global price of crude oil fell to below $20/barrel.
OMCs stopped revising prices from March 16 to June 7 even as worldwide prices of crude oil, a crucial input in the production of petrol and diesel hit historic lows.
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However, diesel is costlier than petrol only in Delhi among the four metros. Besides Delhi, in other states, diesel continues to be cheaper than petrol but that gap is narrowing and this could possibly hurt the prices of farm products. Disel price was increased by 48 paise a litre on Wednesday while the petrol price remain unchanged. In Kolkata, petrol is priced at Rs 81.45 per litre and diesel costs Rs 75.06.
This increase brought the price of diesel within Rs 2 from the price of petrol at the time, a gap which has been closed with OMCs hiking diesel prices more than petrol prices. The Delhi government had on May 5 hiked Value Added Tax (VAT) on diesel from 16.75 per cent to 30 per cent and on petrol from 27 per cent to 30 per cent.
It may be mentioned that the daily price revision of the two fuels had been temporarily halted for 83 days till it was resumed on June 7. In 18 days, diesel price has gone up by Rs 10.49 per litre.
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The series of daily spike in fuel prices started since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus.
The country on Wednesday also saw the highest single-day jump of 15,968 COVID-19 cases and 465 fatalities, taking the infection tally to 4,56,183 and the death toll to 14,476, according to the Union Health Ministry data.
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