The rise in petrol and diesel prices has been going on for forty days.

The rise in petrol and diesel prices has been going on for forty days

The rise in petrol and diesel prices has been going on for forty days.

New Delhi's two-auto petrol price fell by 51 paise and 61 paise per liter on Saturday, while petrol and diesel prices rose in forty days.

This is the 14th day of the fuel price hike since June 7 when oil companies started the daily price correction system after a gap of 83 days during the lockdown.

With the state-of-the-art increase, petrol is selling at Rs 78.88 per liter and diesel at Rs 77.67 per liter. From June 7, petrol prices have risen by Rs 7.62 per liter. Similarly, diesel price has gone up by Rs 8.28 per liter in 24 days.

The good news is that auto fuel price hikes may stop or the rate hike may fall next week as oil companies are now bringing their products closer to international standards. There may be days when the price is not changed by the oil companies

The source at the oil marketing company, however, said that the price could continue for a short period of time, with the Galk Post opening up the Covid-19-related lockdown economy, raising the demand for the following products as well as firming up global product prices. Even the global crude price has doubled since April to more than $ 42 a barrel.

Also, OMCs are holding price levels that bring product prices closer to international benchmark rates. The 83-day price freeze, even with a significant increase in excise duty on petrol and diesel by the Center, has led to an increase in price gaps, which has led to losses in product sales for OMC.

On March 16, the price of transportation fuel was last revised as per the moving price policy, and there were some examples of price increases later when the concerned state governments increased VAT or cess.

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