While movement of retail pricing is being seen with a sigh of relief by vehicle owners whose cars run on petrol, those buying the relatively expensive diesel cars are now regretting their decision.
- Last Updated: June 24, 2020, 12:43 PM IST
For 18 days in a row, the price of fuel has been rising.
Fuel prices in India have reached an all-time high with the recent price hikes over the course of the last couple of weeks. As per the official data from Indian Oil Corporation Limited, petrol prices in Delhi are Rs 79.76/ litre and the diesel prices are Rs 79.88/ litre.
For the first time ever, diesel is now more expensive than petrol.
Over the last 18 days, the price of diesel has been hiked by Rs 10.48 a litre, while the petrol price has increased by Rs 8.50 per litre.
The domestic rate of auto fuels may also reportedly soon cross the Rs 80/litre-mark soon, taking a cue from rising international oil prices.
It’s quite a landmark situation, not in a nice way though. Since diesel is now more expensive than petrol, the memes on Twitter were fire.
Diesel costlier than petrol for first time in history .
Diesel — ₹ 79.88
Petrol — ₹ 79.76 pic.twitter.com/LPojtHozuv
— तूफ़ान का देवताᵀʰᵒʳ 🚩 (@iStormbreaker_) June 24, 2020
Due to a difference in international benchmark prices, petrol price is usually higher by Rs 5 to 8 than diesel. In early May, the two fuels had a gap of Rs 7.3/litre, but the proportion changed after hikes in VAT on them by the Delhi government.
While the movement of retail pricing is being seen with a sigh of relief by vehicle owners whose cars run on petrol, those buying the relatively expensive diesel cars are now regretting their decision.
The development is also being seen with caution by automobile companies who have spent millions to ramp up their facilities for diesel-run vehicles. The expectation is that demand for such cars will now fall causing more damage to companies where sales are already impacted due to persistent economic slowdown and now the spread of COVID-19 pandemic.