Petrol, diesel rates the highest in three years

Story By: Rajesh Sharma
Sunday, August, 27 2017 - 16:07

Petrol and diesel is now priced at its highest rate in three years.As per reports, a litre of petrol costs Rs. 69.04 a litre in Delhi and diesel now costs Rs. 57.03 a litre.

The petrol price has been hiked by Rs. 6 per litre since the beginning of July this year.

As per the new practice, prices of petrol and diesel have been revised at 6am everyday since June 16.Domestic petrol and diesel prices are linked to international petrol and diesel rates, and not that of crude oil, the raw material.

The daily price revision means an instantaneous transfer of a rise or decline in international oil price to the consumer instead of the previous practice of passing it on only after a fortnight.

Until June 15 this year, state oil companies used to fortnightly revise prices to align them with international rates and factor in currency fluctuation through price hikes were skipped or delayed in some fortnights to avoid political controversy, especially during polls. 

"Previously, everybody felt the pinch when rates would go up by Rs. 2 or 3 per litre in one go. Now they are being increased by 1 paisa to 15 paise a litre everyday, hikes that have largely gone unnoticed," a senior oil company executive told reporters.

Petrol, diesel as well as jet fuel, crude oil and natural gas are not in the ambit of the Goods and Services Tax (GST) that was rolled out across the country on July 1.



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