Daily oil price hike is fuelling negative sentiment
India, July 6 -- Crude oil rates had hit rock bottom recently, yet petrol and diesel prices are at a 21-month high after being increased consecutively almost on a day to day basis.
A litre of petrol in Delhi as of 16 June, 2020, was at 76.73 while diesel was at 75.19 a litre. In Mumbai, the retail price was 83.62 a litre for petrol and 73.75 a litre for diesel. The last time the fuel prices were so high was in October 2018, when crude oil prices were $65 per barrel as opposed to the existing $35-$40 per barrel range.
The Oil Marking Companies have been revising fuel prices daily since June 7 to regain the losses incurred during 82 days of the lockdown. However, the main reason is the increased excise duty on petrol and diesel. Last mont...
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