Fuel prices hiked again; petrol now ~80.43/l in Delhi

NEW DELHI: Fuel retailers hiked petrol price by 5 paise per litre and diesel price by 13 paise a litre on Monday, raising the petrol rate to ~80.43 per litre and diesel to ~80.53 in Delhi.

Pump prices of auto fuels were raised on Monday even as international oil prices softened and benchmark Brent crude plunged by about 1.97% at $ 40.21 per barrel during the intraday trade. Brent had closed at $41.02 on the previous trading day on Friday.

Petrol prices have seen 21 revisions and diesel rates have been revised 22 times in last 23 days. Before the start of daily price surge, petrol was sold at ~71.26 per litre in Delhi and diesel at ~69.39 a litre on June 6. Retail prices of auto fuels differ from city to city across the country due to variations in local levies.

Two people with direct knowledge of fuel pricing matters, speaking on condition of anonymity, said that the price rise in last three weeks also gave opportunity to state-run oil marketing companies to recover their past losses as they had frozen fuel rates to provide relief amid the Covid-19 pandemic. Fuel retailers had frozen petrol and diesel rates since March 16.

The petroleum ministry did not respond to an email query.

Commenting on high taxes on auto fuels, Congress leader Rahul Gandhi said in a tweet, “The government should stop profiteering from petrol and diesel, reduce excise duty immediately and bring down prices.”

Petroleum minister Dharmendra Pradhan said states ruled by the Congress and its allies have also raised taxes on petrol and diesel because resources are needed for development works.

PRICES WERE RAISED ON MONDAY EVEN AS INTERNATIONAL OIL PRICES SOFTENED AND BENCHMARK BRENT CRUDE PLUNGED BY ABOUT 1.97%