Users fret as diesel crosses₹80 a litre for the first time

NEW DELHI: The price of diesel in Delhi crossed ~80 per litre on Thursday after the 19th consecutive increase in its rate since June 7 even as international oil prices plunged by 5.44% on Wednesday, which was the reference benchmark for the latest revision of fuel rates. This is the first time the price of diesel has hit this level. The surge in petrol prices was paused for a day on Wednesday.

NEW DELHI: The price of diesel in Delhi crossed ₹80 per litre on Thursday after the 19th consecutive increase in its rate since June 7 even as international oil prices plunged by 5.44% on Wednesday, which was the reference benchmark for the latest revision of fuel rates. This is the first time the price of diesel has hit this level.

The surge in petrol prices was paused for a day on Wednesday after the 17th rate increase in a row. It also saw 16 paise per litre jump on Thursday. Petrol is now selling in Delhi at ₹79.92 a litre and diesel at ₹80.02.

Thus far in June, the price of petrol has risen by 12.15% and that of diesel by 15.32% in Delhi.

Indian fuel retailers fix petrol and diesel rates daily on the basis of prevailing rates in the international market on a preceding day. Domestic prices are more in tandem with global crude rates.

A petroleum ministry official, requesting anonymity, said the government has no role in the daily revision of petrol and diesel prices as they are deregulated products.

The government deregulated petrol pricing in 2010 and diesel in 2014.

Two public sector oil companies’ executives, who requested anonymity, said petrol and diesel rates are high because of a significant jump in central levies and state-level taxes .