National Affairs

Fuel Prices At Record High: Petrol, Diesel Prices Hiked Again On Saturday. 14 Times In 18 Days.

After remaining steady for three consecutive days, the prices of petrol increased by 24 paise per litre and diesel hiked by 15 paise on Saturday February 27. Petrol and Diesel prices have been rising continuously since February 9 and till now it’s raised for 14 times. The increase in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country. The fuel prices have increased amid a rally in global crude oil prices, with coronavirus vaccination drives across the world. Since fuel prices are benchmarked to a 15-day rolling average of global refined products` prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude price stabilises. The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre, respectively so far this year. After concerns raised by the opposition about the hike in fuel prices, the Reserve Bank of India (RBI) Governor Shaktikanta Das also urged the government to slash indirect taxes on petrol and diesel. “Pump prices of petrol and diesel have reached historical highs,” Das noted in the Monetary Policy Committee (MPC) minutes released on February 22.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top