Oil companies pause after hiking petrol, diesel prices for 21 days straight

State oil marketing companies did not hike petrol and diesel prices in Delhi on Sunday, pausing after 21 days as the Congress party said it would protest against the government.

Petrol in Delhi costs Rs 80.38 a litre and diesel 80.40 per litre after companies hiked prices on Saturday. 

On June 27, price of petrol was increased by Rs 0.25 per litre while that of diesel by Rs 0.21 per litre. Rates differ from state to state, depending on value-added tax (VAT). The state had increased the VAT on diesel from 16.75 per cent to 30 per cent and on diesel from 27 per cent to 30 per cent. The cumulative hike since the oil companies started the cycle on June 7 now totals to Rs 9.12 for petrol and Rs 11.01 for diesel.

Prices for petrol in other metro cities - Chennai, Mumbai and Kolkata were kept unchanged as well. On last Saturday, prices in Mumbai touched Rs 87.14 a litre and diesel went up to Rs 78.71 a litre. In Kolkata, the prices were at Rs 82.05 and Rs 75.52 a litre, respectively. In Chennai, petrol was retailing at Rs 83.59 while diesel was selling at Rs 77.61. 

Notably, on June 7, oil companies had restarted revising prices in line with costs after ending an 82-day hiatus during which they adjusted steep excise duty hikes by the government against the fall in benchmark international oil rates.

 

Meanwhile, the Congress party will hold a nationwide agitation on Monday against the rising prices of petrol and diesel and its MPs, MLAs and leaders will submit memorandums to President Ram Nath Kovind demanding a withdrawal of the hikes.

AICC General Secretary, In-charge for Organization, K C Venugopal said through the protest programmes, the party aims to underline the government's "extortionist looting" of the common man during the Covid-19 crisis.

In the following week, between June 30-July 4, the party will also conduct massive protests at the Taluk, Teshil and block levels, Venugopal said.

In the month of June, the price of liquefied petroleum gas (LPG) had also increased by Rs 11.50 a cylinder in Delhi. For the current month, price of a 14.2 kg non-subsidised LPG cylinders was seen at Rs 593 in Delhi, Rs 590.50 in Mumbai, Rs 606.50 in Chennai, and Rs 616 in Kolkata.

LPG consumption recorded a growth of 12.8 per cent in May as compared to the same month in 2019, mainly because of the government scheme regarding free refills of cylinders for poor households.