Petrol and diesel prices are not showing any signs of cooling off with petrol touching Rs 84 a litre in Delhi on Thursday and diesel crossing Rs 80 a litre in Mumbai.
This prices have been rising almost everyday since mid-August resulting in a Rs 13.91 and 15.59 rise respectively, this year alone in the national capital. Prices have seen a similar hike in other metro cities as well. The reason is the weakening rupee and the rise in the global crude oil prices due to a fear of tightening supply following the US re-imposing sanctions on Iran, effective Nov 5, and forcing all trading partners to follow suite.
Fuel prices rose upto 23 paise on Thursday. Petrol is already being sold at over Rs 92 per litre in several districts of Maharashtra as well as Bihar.
Despite a continuous price rise in fuel, the Centre and many state governments have refused to cut tax. The Central government charges Rs 19.48 excise duty on petrol and Rs 15.33 on diesel. The deal commission comes out to be around Rs 3.66, while VAT varies among states. For Delhi, VAT on petrol, including VAT on dealer commissioner, is around Rs 17.80. Some states – Rajasthan, Andhra Pradesh, West Bengal and Karnataka – have slashed VAT to pass on the benefits to people.
Here are the prices of petrol and diesel across four major cities as per the Indian Oil’s daily pricing formula.
- Delhi: Petrol Rs 84 per litre, up 15 paise; diesel Rs 75.45 per litre, up 20 paise
- Mumbai: Petrol Rs 91.34 per litre, up 14 paise; diesel Rs 80.10 per litre, up 21 paise
- Chennai: Petrol Rs 87.34 per litre, up 16 paise; diesel Rs 79.80 per litre, up 23 paise
- Kolkata: Petrol Rs 85.80 per litre, up 15 paise; diesel Rs 77.30 per litre, up 20 paise
The benchmark Brent crude oil hit a four year high of $86.74 a barrel. The previous high was $85.85 per barrel. Brent on . However, prices fell a bit after the US raised inventories and sources said Russia and Saudi Arabia struck a private deal in September to raise crude output, reported Reuters. Oil traders and analysts predict that oil could touch $100 a barrel this year.
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