On Saturday in Delhi, the cost of Petrol raised by 51 paise per litre and diesel by 61 paise litre. In the national capital, prices were increased in rates to Rs 5.88 and Rs 6.50 respectively within two weeks.
For the 14th time, the Petrol price will now Rs 78.88 for a litre and diesel Rs 77.67 per litre from Saturday. The oil rates price were revising from June 7. Oil marketing companies have been adjusting retail rates in line with costs after an 82-day break from daily rate revision due to coronavirus pandemic.
Before June the last time fuel prices were changed on 16 March along with government added value-added tax (Vat) to get their revenue which was affected during lockdown due to COVID-19.
The Central government has charge Special excise duty on diesel and petrol. On March 14, it added an additional charge of Rs 3 per litre from petrol and diesel each to fund its Covid-19 relief measures raising total central realisation on diesel to Rs 22.98 per litre and on petrol Rs 18.83 per litre.
On March 14 raised in excise duty on petrol and diesel by Rs 3 per litre, each Oil PSUs such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have adjusted fuel against the fall in the retail rates that was warned because of a fall in international oil prices instead of rising the excise duty hikes for customers. Because of the increase in excise duty oil companies facing huge loss that is why the rate of petrol and diesel. Since International oil prices have been bounce and oil firms are now balancing retail rates in line with them.