According to the financial news daily Mint, the domestic petrol prices has touched a 19-month high. With the diesel prices hitting a record, the All India Motor Transport Congress (AIMTC) said the rampant hike in fuel prices along with the extortion at state border check-posts has severely impacted truckers and if the government fails to mitigate the price hike it may disrupt the transport services as well.
The current hike comes at a time when globally crude prices have lowered down to around $40 a barrel even as the demand for fuel has picked up to return to pre-Covid levels.
After declining more than 8 per cent last week, Brent crude futures fell 1.5 per cent to $40.10 a barrel in the morning on Thursday. Even as the prices dipped, it is likely to remain in the $35 to $40 band as the trading in June, with the Organization of the Petroleum Exporting Countries and its allies, a grouping called OPEC+, cutting supply and US shale producers cutting output, along with the uptick in fuel demand.
The hike in domestic auto fuel rates is due to the excise duty hike of ₹10 per litre on petrol and ₹13 per litre on diesel in May. It is also as a result of several state governments increasing VAT or cess on fuel but the impact is now being passed on to customers.
Latest petrol, diesel prices in major cities:
New Delhi: Petrol ₹77.81 Diesel ₹76.43
Gurgaon: Petrol ₹76.24. Diesel ₹69.08
Mumbai: Petrol ₹84.66. Diesel ₹74.93
Chennai: Petrol ₹81.32. Diesel ₹74.23
Hyderabad: Petrol ₹80.77. Diesel ₹74.70
Bengaluru: Petrol ₹80.33. Diesel ₹72.68
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