Typically, state-owned oil marketing firms — Hindustan Petroleum Corporation, Bharat Petroleum Corporation and Indian Oil Corporation (IOC) — revise the prices of diesel and petrol around the first and 15th of every month, taking into account the average cost of import and the rupee-dollar exchange rate the previous fortnight. The latest round of petrol and diesel price increase, on Thursday, however met with opposition from many corners. Here’s a look at the variation in petrol and diesel prices since the Narendra Modi government took office in May last year:
May 31: In the first fuel price change under the new government, the retail selling price of diesel was increased by 50 paise a litre in Delhi (excluding state levies)
Jun 30: The price of petrol was raised by Rs 1.69 a litre in Delhi (excluding state levies), and that of diesel increased by Rs 0.50 a litre. A statement issued by IOC cites a “significant increase in international oil prices in the previous two weeks owing to the geopolitical unrest in West Asia” as the reason.
Jul 15: The prices of high-speed diesel for bulk consumers (such as state transport corporations) reduced by Rs 1.09 a litre (in Delhi).
Jul 31: The price of motor spirit reduced by Rs 1.09 a litre in Delhi and that of high-speed diesel for bulk consumers by 72 paise a litre (including VAT). The price of domestic non-subsidised liquefied petroleum gas (LPG) reduced by Rs 2.50 per 14.2-kg cylinder, and that of commercial LPG reduced by Rs 4 per 19-kg cylinder in Delhi.
Aug 15: The retail selling price of petrol reduced by 2.18 a litre in Delhi (including state levies)
Aug 31: Petrol prices cut by Rs 1.82 a litre in Delhi (including state levies). But diesel prices raised by 50 paise a litre (excluding VAT), resulting in an increase of 57 paise a litre in the retail selling price in Delhi. Selling price of non-subsidised LPG cylinder cut by Rs 19 per 14.2-kg cylinder and that of commercial LPG by Rs 32.50 per 19-kg cylinder.
Sep 30: Retail selling price of petrol in Delhi reduced by 65 paise a litre (including VAT), taking advantage of a change in the rupee-dollar exchange rate.
Oct 14: Selling of petrol cut by Re 1 a litre (excluding state levies). With this price revision, the retail selling price of petrol in Delhi comes down by Rs 1.21 a litre (including VAT).
Oct 18: Retail selling price of diesel in Delhi cut by Rs 3.37 a litre (including VAT).
Oct 31: The price of petrol cut by Rs 2.41 a litre, while diesel prices cut by Rs 2.25 a litre, in Delhi (including state levies)
Nov 30: Retail selling price of petrol reduced by 91 paise a litre in Delhi (including state levies). Retail price of diesel lowered by 84 paise a litre.
Dec 15: Retail selling price of petrol and diesel cut by Rs 2 a litre each in Delhi (including state levies).
Jan 16: Retail price of petrol cut by Rs 2.42 a litre in Delhi (including state levies), diesel price by Rs 2.25 a litre.
Feb 3: Petrol prices lowered by Rs 2.42 a litre in Delhi (including levies) and diesel by Rs 2.25 a litre.
Feb 16: Petrol prices raised by 82 paise a litre, diesel prices by 61 paise a litre, in Delhi. The increase comes on the back of a notable rise in global crude oil prices.
Feb 28: Petrol and diesel prices up by Rs 3.18 a litre and Rs 3.09 a litre, respectively. The price revision is ascribed to a steep rise in international prices.
Apr 1: International prices decline marginally and are reflected in a price drop of 49 paise a litre for petrol, and Rs 1.21 a litre for diesel, in Delhi (including state levies).
Apr 15: Retail selling price of petrol reduced by 80 paise a litre in Delhi (including state levies), and diesel price slashed by Rs 1.30 a litre.
Apr 30: Petrol prices increased by ~3.96 a litre in Delhi (including state levies). Retail selling price of diesel raised by ~2.37 a litre. Explaining the reason, IOC in a statement cites a sharp increase in international prices in the past fortnight and the rupee-dollar exchange.