Fuel prices: After 22 hikes, petrol now costs Rs 80.43, diesel Rs 80.53

Meanwhile, the Congress party in Goa has organised a demonstration at district levels on June 29 as part of the All India Congress Committee mass protest against fuel price hike
After a day's pause, state oil marketing companies on Monday resumed fuel price hike. Petrol price in Delhi was increased for the 22nd day by 5 paise to Rs 80.43 and diesel price by 13 paise to Rs 80.53. Diesel continued to be costlier than petrol for the sixth consecutive day. 

Rates differ from state to state, depending on value-added tax (VAT). The state had increased the VAT on diesel from 16.75 per cent to 30 per cent and on diesel from 27 per cent to 30 per cent. The cumulative hike since the oil companies started the cycle on June 7 now totals to Rs 9.17 for petrol and Rs 11.14 for diesel.

Petrol prices in Chennai, Mumbai and Kolkata were raised as well. On Monday, prices in Mumbai touched Rs 87.19 a litre and diesel went up to Rs 78.83 a litre. In Kolkata, the prices were at Rs 82.10 and Rs 75.64 a litre for diesel, respectively. In Chennai, petrol was retailing at Rs 83.63 while diesel was selling at Rs 77.72.

Notably, on June 7, oil companies had restarted revising prices in line with costs after ending an 82-day hiatus during which they adjusted steep excise duty hikes by the government against the fall in benchmark international oil rates.

Meanwhile, the Congress party in Goa has organised a demonstration at district levels on June 29 as part of the All India Congress  Committee mass protest against fuel price hike, state party president Girish Chodankar said. "Congress party office-bearers and all frontal organisations will sit in a two-hour dharna from 10 am to 12 noon near South Goa District Collectorate Office at Margao and in front of Deputy Collector's office at Mapusa demanding rollback in the rise of fuel prices. The party workers will maintain all social distancing norms and they will be wearing protective masks," Chodankar said in a press note.

The dharna will conclude with the presentation of a memorandum addressed to President Ram Nath Kovind through the respective District Magistrates.

Chodankar further said that the Goa government has increased Value Added Tax (VAT) on petrol to 25 per cent while on diesel by 22 per cent, in addition to the rise in excise duty by the Centre.

In the month of June, the price of liquefied petroleum gas (LPG) had also increased by Rs 11.50 a cylinder in Delhi. For the current month, price of a 14.2 kg non-subsidised LPG cylinders was seen at Rs 593 in Delhi, Rs 590.50 in Mumbai, Rs 606.50 in Chennai, and Rs 616 in Kolkata.

LPG consumption recorded a growth of 12.8 per cent in May as compared to the same month in 2019, mainly because of the government scheme regarding free refills of cylinders for poor households.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel