(Image source from: express.co.uk)

Since a fortnight, oil marketing companies have been increasing the prices of petrol and diesel by 8/- to 10/- per liter. According to the latest data, petrol costs Rs.79.76 while diesel costs Rs.79.88 per liter, marking a rise of 48 paisa per liter.

Ever since lockdown struck the country, the state-run-oil companies have bore the brunt with an 82-day break. They are hiking the prices of fuel for over two weeks to keep up with the costs.

Petrol prices have seen a rise up to Rs.8.5 per liter while diesel soared to Rs.10 a liter. This marks the biggest two-week hike in prices ever since April 2002 when prices were revamped to come in tune with the international prices by Atal Bihari Vajpayee’s government.

With such a massive hike in fuel rates, diesel now costs Rs. 79.95 per liter in Jaipur, Rajasthan, which is more the cost of it in Delhi. Petrol rates are yet to rip their highest record.

As a notable record, on June 23rd Tuesday, the petrol price was hiked by 20 paise per liter while diesel has seen a surge of 63 paise a liter in the National Capital, Delhi, which let the rates to stand at Rs. 79.76 for petrol and Rs. 79.88 for diesel.

Clearly, COVID-19 has taken a toll on the economy and according to sources; the country is yet to see the biggest in fuel in the coming days. Though diesel prices were increased in other states too, the rates continue to be cheaper than Delhi due to the lower taxes.

The country will see relief under the leadership of Hon. Prime Minister, Narendra Modi as he is planning to increase the natural gas consumption which would surge to 15% by 2030 from 6.2% in 2020. To fight with the ongoing fuel price hike, the country’s transition from the oil economy to a gas economy will be an effective antidote.

By Gayatri Yellayi