Petrol, diesel prices hiked by 60 paise per litre for 2nd consecutive day

Petrol and diesel prices were increased by 60 paise per litre for the second consecutive day on Monday.

The hike ended an 83-day hiatus in rate revision by state-owned oil companies which have reverted to a daily price revision, reports PTI.

After the revision, petrol will now cost Rs 72.46 per litre as against Rs 71,86 on Sunday, while diesel price has gone up to Rs 70.59 per litre from Rs 69.99, according to a price notification of state oil marketing companies.

Oil companies had raised fuel prices by the same amount on Sunday as well.

Petrol and diesel prices were last revised on March 16 under the dynamic pricing policy but some state governments like Delhi raised value added tax (VAT) or cess to shore up their revenues, which went down during the coronavirus-induced lockdown.

Though the Centre on May 6 had raised the excise duty on petrol by Rs 10 and on diesel by Rs 13 per litre to recompense for revenue loss due to Covid-19 lockdown, this did not impact the retail sale price. Oil companies had decided to adjust the excise hike against the reduction required because of the drop in international prices instead of passing it on to the consumers.

(With inputs from PTI)