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Petrol, diesel price highest in more than a year after today's hike. Latest rates here

A gas station attendant fills a motorbike tank at a petrol pump after strict lockdown norms for weekends and public holidays were imposed as a preventive measure against the COVID-19 coronavirus, in Amritsar. (AFP)Premium
A gas station attendant fills a motorbike tank at a petrol pump after strict lockdown norms for weekends and public holidays were imposed as a preventive measure against the COVID-19 coronavirus, in Amritsar. (AFP)

  • Petrol and diesel prices were hiked for the ninth consecutive day today
  • Fuel rates have now peaked to more than a year's high level

NEW DELHI : Even as crude oil rates have softened to multi-year lows, the price of both petrol and diesel have touched to record high levels. Following nine days of successive price hikes, fuel rates are now at their highest level in more than a year. The price of petrol was hiked by 46 paise a litre today while that of diesel by 59 paise a litre today.

Since June 7, when oil firms resumed daily revision of fuel prices following an 82-day-long break during lockdown, petrol price has gone up by 4.98 a litre and diesel price is up by 5.23 a litre.

Latest petrol, diesel prices in top cities:

New Delhi: Petrol 76.26 Diesel 74.62

Gurgaon: Petrol 75.05. Diesel 67.45

Mumbai: Petrol 83.17. Diesel 73.21

Chennai: Petrol 79.96. Diesel 72.69

Hyderabad: Petrol 79.17. Diesel 72.93

Bengaluru: Petrol 78.73. Diesel 70.95

These price levels were last seen in October-November 2018 when crude oil rates were at a record high. In India, the current spike in auto fuel rates can be attributed to the excise duty hike of 10 per litre on petrol and 13 per litre on diesel last month. Besides, several state governments had also hiked VAT or cess on fuel but its impact was immediately passed on to customers.

According to reports, oil marketing companies are planning to hike fuel rates for the next few days to make up for the losses.

As around 70% of the retail price of fuel comprises taxes (excise duties, VAT, cess, etc), the Congress has demanded that the recent hike in excise duty should be rolled back and petroleum goods be brought under the ambit of goods and services tax (GST).

Congress chief spokesperson Randeep Surjewala said if the Modi government rolls back all excise duties hiked during its tenure, the prices of both the fuels will get slashed to less than 50 a litre.

Weighed down by concerns about the recent uptick in COVID-19 infections in the U.S. and a potential 'second wave', Brent crude oil rates dropped by about 2% today and were hovering around the $38 a barrel mark.

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