Fuel Prices Hiked for 11th Consecutive Day

Prices of petrol and diesel hiked for the eleventh consecutive day on Wednesday as part of the daily revision by Oil Marketing Companies (OMCs). With effect from 6 AM, the prices of petrol were increased by 55 paise per litre and diesel by 60 paise per litre in Delhi, compared to the previous day.

OnTuesday, the petrol price was hiked by 47 paise per litre, while diesel rateshad gone up by 57 paise. The rates are expected to climb further as OMCs lookto recover revenue lost during the lockdown.

The recent hike in fuel prices has been criticized bythe opposition parties, who say the sharp rise in fuel price will increaseproblems in the lives of people who are already facing higher economic stressdue to the coronavirus pandemic.

Urgingto roll back the continuing fuel price hikes, opposition leader Sonia Gandhialso wrote a letter to the Prime Minister saying, "If you want people to beself-reliant then do not place financial fetters on their ability to moveforward….I am deeply distressed that in these exceedingly difficult times sincethe beginning of March, the government has taken the wholly insensitivedecision to increase petrol and diesel prices on no less than ten separate occasions."

On Sunday, petrol price was hiked by a record 62 paiseper litre and that of diesel by 64 paise.

Thefreeze in rates was imposed in mid-March soon after the government hiked exciseduty on petrol and diesel to shore up additional finances.

OilPSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and HindustanPetroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes tocustomers, adjusted them against the fall in the retail rates that waswarranted because of international oil prices falling to two-decade lows.