Petrol, Diesel Prices Hiked For Fifth Day In A Row; Rates Raised To Multi-Year Highs
Petrol and diesel prices today were hiked by 10 paise per litre across Delhi, Mumbai, Chennai and Kolkata. With that, while diesel price is at its highest ever level recorded in Delhi, petrol price is at a 55-month high. Effective 6 am, Monday, petrol retailed at Rs. 74.5 per litre in Delhi, Rs. 77.2 per litre in Kolkata, Rs. 82.35 per litre in Mumbai and Rs. 77.29 per litre in Chennai, according to Indian Oil Corporation’s website – iocl.com. Diesel prices were at Rs. 65.75 per litre in Delhi, Rs. 68.45 per litre in Kolkata, Rs. 70.01 per litre in Mumbai and Rs. 69.37 per litre in Chennai, according to Indian Oil, the country’s largest fuel retailer.
- Diesel rate in Delhi is at its all-time high, meaning it has never been this expensive in the national capital before. The price has held above the level of Rs. 65 per litre since April 14, 2018.
- Petrol price in Delhi is at its highest recorded level since September 14, 2013, when the fuel retailed at Rs. 76.06 per litre in the national capital. In other words, petrol is retailed at its most expensive level in Delhi in four years and seven months.
- With Monday’s hike, petrol prices are up 94 paise-Rs. 1 per litre across the four metros so far this month. Diesel prices have been raised by Rs. 1.35-1.44 per litre during this period.
- Currently, petrol and diesel prices across the country are revised by state-run oil marketing companies on a daily basis, effective 6 am.
- This new system of daily rate revisions has been adopted by state-run oil marketing companies from June 2017, dumping a 15-year old practice of revising rates on the 1st and 16th of every month.
- The prices are broadly determined by international crude oil and rupee-dollar forex rates.
- India imports about 80 per cent of its annual crude oil requirement. The settlement is made in dollars, which is why the rupee-dollar exchange rate also plays an important role in the prices. India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates.
- Global crude oil prices dipped on Monday, but were not far from their highest since late 2014.
- Finance Minister Arun Jaitley had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs. 2 a litre. Subsequent to that excise duty reduction, the Centre had asked states to also lower VAT, but just four of them – Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh – reduced rates.
- The central government had cut excise duty by Rs. 2 per litre in October 2017, when petrol price reached Rs. 70.88 per litre in Delhi and diesel Rs. 59.14. Because of the reduction in excise duty, diesel prices had on October 4, 2017, come down to Rs.56.89 per litre and petrol to Rs. 68.38 per litre. However, a global rally in crude prices pushed domestic fuel prices far higher than those levels.
Source by:- ndtvShare:
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