Petrol prices hit lifetime high in Delhi at Rs 84.85/litre

Petrol price in national capital hit an all-time high of Rs 84.45 on Wednesday after  Oil marketing companies hiked the prices of petrol by 26 paisa per litre and that of diesel by 25 paisa per litre on Wednesday after holding prices constant for 30 days.

As a way to boost revenue since the COVID-19 related lockdown severely curtailed economic activity the government hiked in excise duty on petrol to Rs 32.98 per litre from Rs 19.98 at the beginning of 2019 and diesel to Rs 31.83 from Rs 15.83 as economic activity fell due to pandemic. Central and state levies currently account for about 62% of the retail price of petrol and around 57% of diesel in NCR.

This has led to the current price of petrol nearing price levels of oct 2018, when the per barrel cost of India’s crude basket hit $80.