Oil price increases 8 day in a row, petrol ₹75.78, diesel ₹74.03

[caption id="" align="alignnone" width="751"] Courtesy: ethan cull[/caption]

Oil companies on Sunday increased the price of petrol by 62 paise and diesel by 64 paisa. This is the eighth day in a row that oil companies have increased the price of both fuels.

Earlier, no changes were made in the price of petrol and diesel for 82 days. According to the notification of the price of public sector oil companies, the price of petrol in Delhi increased from 75.16 to ₹ 75.78 per Liter While Diesel Price has risen from Rs 73.39 to Rs 74.03 per litre.

This increase in price has been made across the country, but prices may vary depending on VAT (value added tax) or local sales tax in every state. Oil companies have been reviewing prices since June 2017 on a daily basis. Since then, the increase in petrol price by 62 paise and diesel by 64 paise per liter is the highest. The companies started the cost-altering of the price from June 7 after postponing the price review for 82 days. This is the eighth consecutive day since then when fuel prices have gone up. In the last eight days there has been a total increase of petrol prices by ₹ 4.52 per liter and diesel rates by ₹ 4.64 per liter.

This is the highest increase in eight days since the introduction of the daily price review. The government on March 14 raised excise duty on petrol and diesel by Rs 3 per liter with the intention of taking advantage of the fall in crude oil prices due to the Corona epidemic in the international market and raising additional resources.

Thereafter, oil companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) stopped the daily review of prices. After this, the government again increased the excise duty on petrol by Rs 10 per liter and on diesel by Rs 13 per liter. This two-time increase gave the government additional tax revenue of Rs 2 lakh crore.

Officials said the daily review of oil prices was halted due to excessive fluctuations in the international market. Now that the market has started showing some degree of stability, review has been started.