Petrol And Diesel Prices -- On A Constant Rise

As a part of the fortnightly revision of fuel prices, the cost of petrol and diesel have been hiked by Rs 0.05 and Rs 1.26 per litre, respectively. As a result, the fuel prices in Delhi are now Rs 65.65 per litre for petrol and Rs 55.19 per litre for diesel. The last revision took place on June 01, 2016, when petrol underwent a hike of Rs 2.58 per litre and diesel price was increased by Rs 2.26 per litre. This is the fourth consecutive hike. The price for petrol has shot-up even after the international price took a dip.

Fuel prices are revised twice a month, in the beginning and in the middle. Last decrease in the prices was witnessed in mid April, and since then the prices have only gone up. A statement from Indian Oil Corporation Ltd. read, “The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in the price of petrol and increase in the price of diesel, the impact of which is being passed on to the consumers with this price revision. The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.”

Here are the revised fuel prices w.e.f midnight of June 15, 2016 / June 16, 2016.

Fluctuation witnessed in fuel prices since April.

We do hope that the rising fuel prices come to a halt. In the last two months the price of petrol has gone up by Rs 4.52 and the price of diesel has shot-up by Rs 6.874. If the same continues, then all of us should be prepared to have empty pockets.

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