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Fuel prices hiked for 19th day in a row

Fuel prices hiked for 19th day in a row

India Blooms News Service | @indiablooms | 25 Jun 2020, 07:51 am

New Delhi/UNI: Burning a hole in common man's pocket, petrol and diesel prices were hiked for the 19th consecutive day in the national capital on Thursday.

Higher by 14 paise over its Wednesday price, diesel has been priced at Rs 80.02 per litre while petrol is retailing at Rs 79.92 a litre after 16 paise surge.

The spiralling cost of fuel has angered the citizens with the principal opposition - Congress - criticising the Centre over it. The party has announced a mass protest on Jun 29 against the unprecedented rise, during which Congress workers will sit on a two-hour 'dharna' from 1000 hrs at every district headquarter.

Later, it will also hold a massive online campaign i.e. "Speak-Up on Petroleum Price hike".

Historically, the prices of petrol and diesel in India was regulated, i.e. the government was involved in the deciding the retail price. The government deregulated the pricing of petrol in 2010 and diesel in 2014. This allowed oil marketing companies to determine the price of these products, and revise them every fortnight.

But this time, the unprecedented crisis triggered by the novel coronavirus pandemic, changed the demand of fuel during the lockdown period.

So in a bid to make up for the losses incurred during 82 days of nationwide lockdown, when the demand for petrol and diesel plunged in the country, OMCs have been daily increasing fuel prices in the country since Jun 7.