For the first time, diesel price has surpassed the petrol as fuel rate hiked for the 18th day in a row on Wednesday. The diesel price was hiked by 48 paise while there was not a hike in petrol by price. Diesel will cost Rs 79.88 per litre and petrol Rs 79.76 per litre in Delhi on Wednesday. State-run oil marketing companies (OMCs) on Thursday hiked the price of petrol and diesel for the 12th consecutive day as they continued to adjust retail rates in line with costs after an 82-day break from rate revision amidst the coronavirus pandemic.
In other states, the prices will also rise but diesel will still continue to be cheaper due to lower taxes levied by other states, though the gap between the prices will shrink further. The prices of petrol and diesel have increased in the national capital by Rs 8.50/litre and nearly Rs 10.48/litre, respectively, over the past 18 days. The government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The two hikes gave the government Rs 2 lakh crore in additional tax revenues.