Fuel prices have once again started hurting the common man as diesel prices shot up to a historic high at Rs 61 point 74 a litre whereas petrol prices also crossed the Rs 71 a litre mark.
As prices are now revised on a daily basis, few people have noticed the surge in prices as it is increasing in paise, not in rupees as had been happening earlier when the revision was made once in 15 days.
As per the last revision on January 15, morning, diesel prices touched a record high of Rs 61.74 a litre in Delhi. Petrol prices were pegged at Rs 71.18 a litre in Delhi on January 15. These prices are the highest since August 2014.
Just six months ago, petrol prices in Delhi were Rs 64.19 on July 17, 2017. Similarly, diesel price in Delhi was Rs 55.03.Even, these prices are on the lower side in India as Delhi has lesser taxation. In the country’s commercial hub Mumbai, diesel is being sold at Rs 65.74 whereas petrol is available at Rs 79.04 a litre.
Diesel prices in Mumbai six months ago was Rs 58.58 whereas petrol was priced at Rs 73. 53Prices have been on the rise since December 12, 2017. Diesel in Delhi on that day was priced at Rs 58.34, and in the past month has risen by Rs 3.4 while petrol during the period rose by Rs 2.09, according to oil companies.
The prices are rising due to crude oil prices which have crossed 70 dollars a barrel for the Indian basket which was around 64 dollars a barrel last week.
The situation is reminiscent of October 2017 when petrol and diesel prices crossed Rs 70 and Rs 60 a litre respectively requiring Government intervention to bring it back below Rs 70 and Rs 60 by cutting excise duty.
Now, similar action may be needed to keep the prices under control. With the price of a barrel of oil crossing had 70 dollars for the first time in more than three years, analysts rule out softening of prices in the near future.