Fuel Prices Soar To Highest In Years: Petrol Price Crosses Rs 70/Lt In Delhi, Approaches Rs 80/Lt In Mumbai

The Logical Indian Crew

September 11th, 2017 / 4:46 PM

Image Credits: India Today, Hindustan Times

The price of petrol and diesel has increased in major cities across India since the government initiated the dynamic pricing system where fuel prices are upgraded every day rather than every fortnight.

The increase in price has been particularly marked in Delhi, Chennai, Mumbai and Kolkata.

Following the inception of the dynamic pricing system on June 16, the price of petrol went down for two weeks. But the prices have increased continuously since then.

On June 16, petrol cost Rs 65.48 per litre in Delhi. By July 1, it went down to Rs 63.09. But since then the price has gradually increased; today, it costs Rs 70.30 per litre.

Similarly, in Mumbai, on June 16, petrol cost Rs 76.75 per litre in Delhi. By July 1, it went down to Rs 74.3. As of September 11, it costs Rs 79.41 – the highest since August 2014.

Kolkata and Chennai, too, are paying Rs 7 more on petrol than they were paying in July.

On the other hand, the price of diesel has also risen by Rs 5 per litre since July 1.


Dynamic pricing system began last month

Usually, the fuel prices were changed every fortnight. On June 16, the government green-lighted the era of dynamic pricing, where fuel prices are changed every day, at 6 AM.

Because the daily variations are in minuscule amounts – mostly in paise – they don’t have the shock value that was the characteristic of the the fortnightly changes.

Earlier this month, Dharmendra Pradhan, the Minister for Petroleum and Natural Gas, justified the dynamic pricing system despite the rising costs.

Speaking to reporters, he had said, “It is in the interest of consumers. I don’t think that there is a need for change in it … Daily revision in prices is good. When we started daily revisions on June 16, rates dropped in the first fortnight. Thereafter it has increased mainly because of rise in global oil prices.”


Also Read: Why Is The Petrol Price Still So High Although The Crude Price Has Fallen So Drastically To $40 Per Barrel?


Contributors

Written by :

Edited by :

Share your thoughts..

Related Stories

Petrol Excise Duty Govt

Petrol Prices Reached Rs 79.99 Per Litre In Delhi, Govt Says No To Cutting Excise Duty

Pakistani Boy Crosses Border

Pakistani Boy Crosses The Border, Indian Army Sends Him Back With Sweets And New Clothes

Fact Check: Are Unpaid Dues To Iran, UPA Era Subsidies And NPAs Responsible For The Petrol/Diesel Price Rise?

Petrol Price Rises To Rs 84.70 In Mumbai; Why Are Fuel Prices Skyrocketing In India?

Even As Fuel Prices Rise, Govt Earnings From Petroleum Products Increased 3 Times In Last 5 Years: RTI

Maximum Retail Price & Market Operating Price

Good To Know: The Difference Between Maximum Retail Price & Market Operating Price

Latest on The Logical Indian

My Story

My Story: I Fought And Escaped Being Raped, The Police Delayed To Register My Complaint And Take Action

News

Maharashtra: H1N1 Claims 75 Lives In Two Weeks; 6,000 Others Hospitalised Due To Fever

News

Indian Businessman Wanted For Rs 5300 Cr Fraud May Have Fled To Nigeria, Say Officials

News

UP: Over 70 Children Die In A Span Of Two Months In A Govt Hospital

My Social Responsibility

Poverty Didn’t Let Him Study, Now He Provides Free Schooling To Children Of Widows, Prisoners & Ailing Parents

News

“BJP Govt Was A Silent Spectator During Gujarat Riots,” Says Assam Text Book; FIR Against Authors & The Publisher

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.