Oil price rise in India is way below global price hikes: Hardeep Singh Puri
The minister also highlighted India's commitment to accelerating a just and sustainable energy transition at the ministerial dialogue on India-US strategic clean energy.
Indian oil marketing companies hiked petrol and diesel prices on Wednesday, marking the eleventh consecutive day of increase in rates that now totals to Rs 6.02 and Rs 6.4 respectively.
Petrol price on Wednesday was increased by 55 paise per litre and diesel by 60 paise a litre in the national capital, data on the Indian Oil Corporation showed.
As per the latest rates, petrol in Delhi now costs Rs 77.28 per litre from Rs 76.73, while diesel rates were increased to Rs 75.79 a litre from Rs 75.19.
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Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.
In other metropolitan cities, like Kolkata, Mumbai and Chennai petrol prices was at Rs 79.08, Rs 84.15 and Rs 80.86 respectively.
Speaking of diesel prices, it was at Rs 71.38 in Kolkata; Rs 74.32 in Mumbai and Rs 73.69 in Chennai, as per Indian oil website.
This is the 11th straight day of increase in rates since oil companies on June 7 restarted revising prices in line with costs, after ending an 82-day hiatus in rate revision.
The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.
Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) instead of passing on the excise duty hikes to customers adjusted them against the fall in the retail rates that was warranted because of fall in international oil prices.
Oil companies reviews petrol and diesel rates on a daily basis and any revision is implemented from 6 am in the morning. This revision mostly depends on. He global oil prices.
The international oil prices retreated due to US crude inventories paired with potential second wave of the coronavirus pandemic. Brent crude was down 0.93 per cent Or 0.38 cents at $40.53 a barrel. Similarly, WTI Crude was at $37.77 a barrel, down by 0.61 cents or 1.59 per cent.
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