Fuel price hike update Day 12: Petrol and diesel get more premium by 53 paise and 64 paise respectively
The hike in petrol and diesel prices have entered the 12th day. As per today, you have to spend 53 paise and 64 paise more on petrol and diesel respectively. With this, the cumulative increase in fuel prices have gone up by Rs 6.55 and Rs 7.04 on petrol and diesel respectively.
Between March 16 and June 6, oil companies across the country had frozen the price hikes. As a measure to counter the losses due to the ongoing pandemic, the government had hiked the excise duty on both petrol and diesel prices, by Rs 10 per litre on petrol and Rs 13 litre on diesel.
Initially, the oil companies such as Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL) and Indian Oil Corporation (IOC) had absorbed the hike, however, from June 7 onward the fuel prices were hiked on a daily basis. The difference in VAT and local taxes imposed on the fuels make them price differently in various parts of the country.