Industries Market Voice

Petrol Diesel Price : Abnormal 8th day Consecutive daily hike

In the national capital, petrol price rose by 62 paise on Sunday to ₹75.78 per litre, and that of diesel by 64 paise to ₹ 74.03 per litre.
During Corona Epidemic Fuel prices recorded eighth consecutive hike on Sunday, resulted angry reactions from consumers all over India
Resumed on June 7, prices and this unprecedented dynamic price revision of petrol and diesel have increased by ₹ 4.52 and ₹ 4.64 per litre respectively.
The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.
Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices.
Modi led centre BJP government ensured no benefit been passed to common consumer even when international crude prices dropped to historic low but Rates have been increased across the country when crude prices are stabilised
Rates have been increased across the country and vary in each state depending on the incidence of local sales tax or value added tax.
Splco Reporter
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