After 82 days the fuel charges of petrol diesel prices are increasing day by day. Oil companies have decided to hike the charges as vehicle users are more in the country and recovering losses due to less usage of fuel during the lockdown period. In the last six days, the Petrol price has increased by 3.31 Rs/ Litre and 3.42 Rs/ Litre for Diesel.
But in the International market, crude oil was so far dropped 12% this week and trading was down up to 3%.
In Hyderabad, for the past few days, it increased up to 2.85 Rupees. All India Petrol Dealers Association has said that within the next few days it will increase 5-6 Rupees. By the end of September, the petrol price may cost 85 Rupees.
Here are the few metropolitan cities prices of petrol and diesel
Depending on the local sales and VAT (Value Added Tax), the fuel prices vary in each state across the country.
Why this hike happen?
To cover the loss, the central government has hiked the excise duty on May 6th with Rupees 10/litre on petrol and 13/litre on diesel. By this, the fuel rate got hiked. Excise duty is nothing but an indirect tax paid to the Govt of India by producers of goods or services. Around 2 lakh crores of profit have returned to the central government. About 70% of the retail price of the fuel is nothing but taxes.
The retail price of petrol in India today determined by the Indian Oil Marketing Company (IOCL). If you want to check the daily rates of petrol diesel prices, go to the related website and check daily after 6 A.M. in the morning. Fuel prices may be increased by 40-60 paise per day for the next couple of weeks.