Get App
Download App Scanner
Scan to Download
Advertisement
This Article is From Jun 19, 2020

In Chart: Fuel Price Hikes Burn A Deeper Hole In Indian Consumers’ Pockets

In Chart: Fuel Price Hikes Burn A Deeper Hole In Indian Consumers’ Pockets
Motorists refuel their vehicles at a Bharat Petroleum Corp. fuel station in Bengaluru. (Photographer: Dhiraj Singh/Bloomberg) 

Indian fuel retailers hiked fuel prices for the first time in 82 days on June 7, and have ramped up prices for 13 consecutive days till Friday.

During this period, prices of petrol and diesel have risen by Rs 7.11 and Rs 7.67, respectively.

Rates were frozen in mid-March after the government hiked excise duties by a record Rs 10 on petrol and Rs 13 on diesel, to shore up additional finances.

During this period, crude oil prices fell to multi-year lows, with West Texas Intermediate even slipping into negative territory. Retailers, however, adjusted excise duty hikes against the fall in international prices, instead of passing the benefits of lower prices to customers.

Brent crude prices have nearly tripled since hitting a multi-year low in mid-April.

Oil firms are now adjusting retail rates in line with crude oil prices, according to a PTI report.

Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.

Newsletters

Update Email
to get newsletters straight to your inbox
⚠️ Add your Email ID to receive Newsletters
Note: You will be signed up automatically after adding email

News for You

Set as Trusted Source
on Google Search