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Hike in the fuel prices in the city for third consecutive day

Hike-in-the-fuel-prices-in-the-city-for-third-consecutive-day

Petrol and diesel prices were hiked by around 60 paise per litre each for the third consecutive day by the Oil Marketing Companies (OMCs) like Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL), Bharat Petroleum Corp Ltd (BPCL), etc.

On Saturday, the petrol prices per litre were at 73.55, which were hiked to 74.16 on Sunday. It was then hiked to 74.76 on Monday, and now to 75.30 today, on Tuesday.

Similarly, the diesel prices per litre on Saturday were at 67.49, which were hiked to 68.06 on Sunday. It was then hiked to 68.62 on Monday, and now to 69.17 today, on Tuesday.

This is the third daily increase in rates in a row. The oil companies have finally resumed their daily revision of rates after an 82-day hiatus. Auto fuel prices were frozen soon after the government raised excise duty on petrol and diesel by more than Rs 3 per litre each to mop up gains arising from falling international rates.

Ravi Prakash, a petroleum dealer of IOC, from the city, said that this hike has impacted them in a negative way as their investment is higher than the sales that is currently happening. “There is higher investment from my side, but extremely low margins of sales. This hike will impact the budget of the common man, who is already struggling during this pandemic.

The consumers could not make the most out of the rock bottom fuel prices while they lasted, and rightfully so, as Covid-19 precautions and lockdown guidelines were being followed. It is expected to hike up another 3 rupees or so in the coming days.

Inputs from Yukta Baid

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