The prices of petrol and diesel were increased on Monday across four metros of the country by Oil Marketing Companies (OMCs). On Sunday too, fuel prices were raised by the OMCs. As per the directive in the daily price notification issued by state-owned oil firms, petrol is being sold at Rs. 77.91 per litre in the national capital of Delhi, Rs. 85.33 per litre in the financial capital of Mumbai, Rs. 80.84 per litre in Kolkata and Rs. 80.94 per litre in Chennai as of today. In the current scenario, the center levies a sum of Rs. 19.48 per litre of excise duty on petrol and Rs. 15.33 per litre on diesel.
The second in demand, diesel is being sold at a retail price of Rs. 69.46 per litre in Delhi as of today. And in Mumbai, the price set for diesel is 73.74 per litre and in Chennai the rate for the same fuel is Rs. 73.38 per litre.
In mid-June, the oil firms owned by the state have changed their trend of revising rates of fossil fuels on 1st and 16nth of every month and changed it to a revision of daily price. Hence, oil marketing companies like Indian Oil, Hindustan Petroleum, and Bharat Petroleum have been following the process fo revising fuel prices every day at exactly 6 am.
In the global market, the oil prices went down slightly on Monday over concerns that a US-China trade dispute will deprive the world of economic growth despite the fact that looming US sanctions against Iran’s oil sector prevented crude from falling further. Last week, nine oil drilling rigs were cut by the US energy companies dropping to 860, which can be termed to be the biggest reduction since May 2016, as per the news report.
Iran which is also the member of OPEC (Organization of the Petroleum Exporting Countries) has exported about 2.5 million barrels per day of crude oil till this year. And most analysts expect this figure to further fall by not less than 1 million bpd once sanctions start.
The disturbance and increase in oil prices affect other related sectors too. Therefore, a single and slight oil price increase will also increase general goods prices as a result and this, in turn, will affect other goods and transport services especially. The government needs to stress on the need to turn back on fossil fuel to start non-polluting fuels and especially electricity.
You May Also Read: DNA Profiling Another Act Of Snooping Into Citizen’s Privacy: Congress Party