Get ready to shell out more for petrol and diesel

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In a move that can pinch our already stretched pockets, the government decided to hike the price of petrol and diesel in the country. Effective Sunday midnight, a litre of petrol will cost Rs.71.13 in New Delhi, while a litre of diesel will cost Rs.59.02 in the capital. Petrol and diesel rates were hiked by 42 paisa and Rs.1.03 respectively. If one were to include VAT the overall hike becomes 53 paisa for petrol and Rs.1.20 for a litre of diesel in the capital.

petrol, diesel rates hiked again
petrol, diesel rates hiked again

Hike #4 in 6 weeks

Petrol prices have gone up four times in the last six weeks while diesel rates have been increased twice in the last fortnight. Experts base the hikes on the relationship between the US Dollar and Rupee. Petrol and diesel cost Rs.66.10 and Rs.54.57 per litre respectively in New Delhi on December 1, 2016, with the last month and a half seeing their prices shoot up by almost Rs.5 per litre.

The table below highlights the change in fuel rates over the last 6 weeks in New Delhi.

Date Price of petrol (1 litre) Price of diesel (1 litre)
December 1, 2016 Rs.66.10 Rs.54.57
December 17, 2016 Rs.68.94 Rs.56.68
January 1, 2017 Rs.70.60 Rs.57.82
January 16, 2017 Rs.71.13 Rs.59.02

 

Price of crude oil

The price of fuel in India is a reflection of international prices, and with an upward trend witnessed in the cost of crude oil the government was hard-pressed not to increase rates. Crude oil currently costs around $55.64 per barrel, with a fluctuation in rates witnessed over the last month. Any increase in price without a corresponding improvement in the USD-Rs. relationship could result in a further hike in fuel rates in the country.

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