Petrol-Diesel price record high as international oil rates continue to rally
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New Delhi, January 16: In a shocking news, Diesel prices have touched a record high of 61 rupees 88 paise a litre as international oil rates continue to rally. Also, Petrol prices have crossed 71 rupees.
The prices of fuel have been on a rise since December 2017 with petrol rising by Rs 3.4 and diesel by Rs 2.09 in a month. According to daily fuel price list of state-owned oil firms, Petrol price rose to 71 rupees 18 paise per litre in Delhi today, the highest since August 2014.
The Centre had reduced excise duty by Rs 2 per litre back in October 2017 when the petrol prices hit Rs 70.88 per litre diesel Rs. 59.14. Because of the reduction in excise duty, diesel prices had on October 4, 2017 come down to Rs. 56.89 per litre and petrol to Rs. 68.38 per litre. The excise duty cut cost the government Rs. 26,000 crore in annual revenue.
State-owned oil companies - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation - in June last year dumped the 15-year old practice of revising rates on the 1st and 16th of every month . Instead, they adopted a daily price revision system to instantly reflect changes in cost. Since then prices are revised on a daily basis.