Petroleum prices rise by 25 paise per litre on Friday, hits a new high all over the country
Petrol and diesel prices which were steady for two days now hit a new high on Friday. Prices are increased by 25 paise per litre by Oil marketing companies. Due to the sudden rise in prices Delhi NCR recorded the highest price of petrol till date. Petrol and diesel prices in Delhi NCR are Rs85.45 and Rs75.63 respectively.
Petrol and diesel prices are setting many new records all over the country. After petrol, diesel also hit the record price in Mumbai which is affecting the monthly budgets of middle class and lower middle class families of the country.
It is to be noted that last year in December all marketing companies held the petroleum prices steady for about 29 days. Which later increased in January.
Earlier, Highest ever rate was Rs 84 per litre for petrol in Delhi, touched on October 4, 2018. Diesel too had scaled to an all-time high of Rs 75.45 a litre on October 4, 2018. On that day, the government cut excise duty on petrol and diesel by Rs 1.50 per litre to ease inflationary pressure and boost consumer confidence.
According to the reports shown by oil companies, since May 2020, petrol price has risen by Rs 14.28 per litre and diesel by Rs 11.83 a litre. Which was affected by long lockdown. While India being the third largest importer of oil in the world spent $101.4 billion on crude oil imports in 2019-20 and $111.9 billion in 2018-19. While in year 2020 oil import was largely affected by the current situation of the world which also affected the Indian economy.
Meanwhile this year petrol and diesel prices are recorded increasing day by day.
Before touching new high on Friday petrol was at Rs 90.60 a litre in Mumbai. Diesel in Mumbai on Wednesday was at Rs 80.78 a litre.