India / Petrol price hits new high of ₹84.95/litre in Delhi after 25 paise hike

Zoom News : Jan 18, 2021, 12:25 PM
New Delhi: Petrol prices touched yet another record high on Monday, thanks to Indian oil marketing companies increasing fuel prices yet again. Today, the OMCs in the country hiked fuel prices in India by 25 paise per litre each, i.e. both petrol and diesel are now both expensive by 25 paise/litre. In the national capital, this increase means petrol is now retailing at ₹84.95 per litre, while diesel is being sold at ₹75.13 per litre. This is a record high fuel price in the Delhi NCR region. This increase is a direct consequence of the increase in global fuel prices, which was further buoyed by the initiation of the coronavirus vaccination drives across the globe. 

It must be noted that after holding fuel prices in India steady for about 29 days, Indian OMCs started introducing price hikes earlier this month. In fact, this is now the third hike in petrol and diesel prices this month alone -- the last two fuel price hikes were introduced on two consecutive days, i.e. 6 January and 7 January.

Given the sky-rocketing fuel prices in India, there have been increasing demands for a reduction in taxes on transportation fuels. In case you didn't know, the taxes levied by the central and state governments as well as dealers' commission are added to the refinery gate price of transportation fuel. The sum total of the gate price and the aforementioned levies then gives us the actual retail price for petrol and diesel in India.