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Fuel prices record 13 revisions since last November

With fuel prices seeing 13 revisions since last November, the price of fuel has today reached the amount that existed before the government announced the reduction.

In the last six months, there have been nine increases and three reductions in the price of petrol, resulting in an increase of petrol by Nu 8.01 a litre.

There have been 10 increases and three reductions in diesel prices, resulting in an increase of diesel price by Nu 10.17 a litre.

A litre of petrol now costs Nu 62.12 and diesel, Nu 60.74 in the capital.

Last November, the government announced a reduction in petrol price by Nu 10.29 a litre and diesel by Nu 7.75 after the Government of India exempted the levy of excise duty on petrol and diesel.

The price of petrol was Nu 54.11 a litre and diesel Nu 50.57 on November 11 last year.

Meanwhile, the price of kerosene in the capital is Nu 31.51 a litre, which has increased by Nu 2.07 from the price on January 1 (Nu 27.65 a litre). The kerosene price is revised every fortnight by few chheltrums, according to an employee with Bhutan Oil Distributor.

According to Indian media reports, petrol and diesel rates have touched record high in India.

The hike in the fuel prices is due to the less production of oil in the Organisation of the Petroleum Exporting Countries (OPEC) and hike in crude oil price in the international market.

“With rising crude prices and a depreciating rupee, petroleum is bound to get more expensive,” it states.

The petrol price in Mumbai touched Rs 84.99 a litre on Wednesday, according to Indian media reports. “Petrol prices in Mumbai, Delhi and Chennai have already reached unprecedented levels, and are now setting a new benchmark every other day,” it states.

Diesel prices, which have already reached unprecedented levels, set new records across India at as high as Rs 72.76 a litre as of May 23.

Bhutan is also expected to experience hikes in fuel prices. The fuel prices in the country are revised every fortnight. This is because of the global oil price fluctuation.

Last year, the country experienced highest petrol price of about Nu 65.54 a litre and Nu 58.67 a litre for diesel.

Dechen Tshomo

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