At Rs 80 per litre, petrol in Mumbai costliest among metro cities; oil ministry closely watching situation

Petrol price in Mumbai surged to Rs 80.10 per litre on Monday followed by Kolkata which saw second highest rate of petrol among metro cities. In Kolkata, price of petrol rose to Rs 74.94 on Monday. In Delhi, after the daily revision, the fuel costs lesser than what it takes to purchase the fuel in three other metro cities. Since last year, the oil companies are changing petrol and diesel prices everyday after the new dynamic system of fuel prices was introduced. Earlier, the  prices of petrol and diesel changed fortnightly every month.

The increase in petrol prices noted in all the four metro cities was not much compared to earlier rises. According to the Indian Oil website, the price of petrol in Mumbai on Sunday was Rs 79.95 and that in Delhi was Rs 72.08 per litre. In Kolkata, petrol cost Rs 74.79 on Sunday and in Chennai the price was 74.75 on the same day.

The news of rise in petrol price comes at a time when the government has already indicated it will work towards bringing petroleum products under the purview of the Goods and Services Tax (GST). As of now, the petroleum products are kept out of the ambit of the news indirect tax regime mainly due to the opposition from the states which had in the past raised the issue of revenue loss due to implementation of the GST.

Similarly, the rise in petrol price in the national capital region on Monday was in the range of Rs 72 to Rs 74. In Faridabad, petrol costs Rs73 while in Gurgaon it has been priced at Rs 72.77, in Noida Rs 73.98 and in Ghaziabad Rs 73.87, according to the IOC website.

IOC is largest oil company. Reuters.

IOC is largest oil company. Reuters.

On 18 January, oil minister Dharmendra Pradhan had told the PTI that his ministry was remaining non-committal on cutting excise duty on petrol and diesel, which have touched record highs, saying merely that the government is keeping a close watch on the situation.

Petrol price surged to Rs 71.56 per litre in Delhi on 18 January which was highest level since August 2014. At that time, it was also reported that the price of petrol was touching highest in Mumbai as compared to other metro or major cities. Diesel prices soared to their highest level of Rs 62.25 per litre in Delhi. It was being sold at Rs 66.30 in Mumbai, where the local sales tax or VAT rates are higher, the PTI report had said back then.

At an industry event, replying to reporters' questions on rising fuel prices, Pradhan had back then said the Centre had in October cut excise duty on petrol and diesel by Rs 2 per litre. Some states had followed it by reducing VAT. "Some others are yet to do that. I would urge states to reduce taxes," he said.


Updated Date: Jan 22, 2018 18:36 PM

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