New Delhi sources reported that petrol price yesterday touched a record high of Rs 76.24 per litre and diesel climbed to its highest ever level of Rs 67.57 as the oil PSUs passed on four weeks of relentless rise in international oil prices to consumers. Accordingly the Petrol price was increased by 33 paisa a litre in Delhi the highest since the daily price revision came into force in mid-June 2017, and diesel by 26 paisa.
According to price notification issued by state-owned oil firms the rates vary from state to state depending on the incidence of local sales tax or VAT. Prices in Delhi are the cheapest in all metros and most state capitals. Meanwhile with this increase, petrol has touched an all time-high, breaching the previous high of Rs 76.06 touched in Delhi on September 14, 2013. Diesel rates are also at the all-time high level.
Media reports that the oil PSUs are estimated to have lost about Rs 500
crore on absorbing higher cost resulting from the spike in international oil
rates and fall in rupee against the US dollar during the nearly three week
hiatus. Further the benchmark international rate for petrol, used for revising
rate on April 24, had gone up from USD 78.84 per barrel to USD 84.97 on May 14.
It has further risen to USD 84.97, indicating more daily hikes would be needed
to level retail price with cost.
