Petrol price touches a 4-year high of Rs 73.73, diesel at highest level

NewsBharati    01-Apr-2018
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New Delhi, April 1: The oil firms have raised the petrol price a four year high of Rs 73.73 per litre while diesel rates have been touched an all-time of Rs 64.58 in Delhi today.

According to a price notification, the fuel rates in the national capital have been increased by 18 paise per litre. The petrol will now cost the highest since Sep 14, 2014 and the diesel price at highest ever since February 7, 2018. 

The Oil Ministry had earlier this year sought a reduction in excise duty on petrol an diesel to cushion the impact rising international oil rates but Finance Minister Arun Jaitley in his Budget presented on February 1 ignored those calls.

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.

Since then prices of petrol at the pump have gone up by over 12 percent, while for diesel the increase has been even steeper at over 18 percent. At the same time, prices of crude oil for the Indian basket has shot up by over 63 percent.