Modi govt has unlocked corona pandemic, petrol-diesel prices: Rahul Gandhi

Petrol Diesel prices Diesel price on Sunday hit a fresh record high of 78.27 rupee per litre after rates were hiked by 60 paise per litre

For the first time in decades after what used to have a price difference of almost Rs 30, the price of diesel has surpassed the price of petrol in the national capital on Wednesday, making it the most expensive transport fuel.

Owing to a difference in global benchmark prices, petrol generally costs between Rs 5-8 more than diesel. Diesel now costs Rs 79.88 per litre in Delhi as compared to petrol price of Rs 79.76 a litre.

For the first time ever, diesel is now more expensive than petrol. In early May, the two fuels had a gap of Rs 7.3/litre, but the proportion changed after hikes in Value-Added Tax on them by the Delhi government.

Notably, the prices of diesel and petrol are also rising in other states but diesel will still continue to be cheaper than petrol due to lower taxes levied by other states but it is expected that the gap between the prices will shrink further.

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But unlike in India, diesel tends to generally be costlier than petrol - in as many as 84 percent of countries, according to globalpetrolprices.com.

Besides crude oil, which is the major input in both petrol and diesel, refining costs, taxes and retailing costs contribute to the price breakup. In Chennai, a litre of petrol is for Rs 83.04 and diesel for Rs 77.17. The former Congress president took to Twitter and wrote (in Hindi): "Modi government has "unlocked" the coronavirus pandemic and petrol, diesel prices". Oil companies had quickly recouped the Re 1 and the government in July 2019 raised excise duty by Rs 2 a litre. 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.

Fuel rates are increasing incessantly since oil companies resumed their revision of prices on June 7 after an 82-day-long pause.

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