Fuel price surge record levels: Petrol at all-time high in capital at Rs 81 per litre, diesel Rs 73.08; high-level meet likely to discuss issue

Mumbai: Petrol prices are on a relentless upward march. On Thursday, petrol was up by 13 paisa at Rs 81 per litre -- an all-time high in Delhi, while petrol was sold at Rs 73.08 per litre., according to a price notification of state-owned fuel retailers.

In Mumbai, the price of petrol was Rs 88.39 per litre and diesel at Rs 73.08 per litre. In Chennai, petrol is being sold at Rs 84.19 per litre and diesel at Rs 77.25 per litre while in Kolkata, the costs were Rs 82.98 per litre and Rs 75.03 per litre respectively.

The price of petrol is the highest in Maharashtra's Parbhani district in Maharashtra. On Tuesday, fuel price reached a new high retailing at at Rs 90.11 per litre.

According to oil companies, refinery gate price of petrol, without considering any central or state tax and dealers commission, is Rs 40.45 per litre. The same for diesel is Rs 44.28.

Retail rates are high after adding excise duty, which is charged by the central government, commission paid to petrol pumps dealers and VAT, charged by state governments.

Dealer's commission on petrol currently is Rs 3.34 per litre and that on diesel is Rs 2.52.

 Fuel price surge record levels: Petrol at all-time high in capital at Rs 81 per litre, diesel Rs 73.08; high-level meet likely to discuss issue

Representational image. Reuters.

While crude oil advanced 0.4 percent to $67.78 a barrel, the relentless slide in rupee has added fuel to the fire. The currency fell to a new low of 72.7375 on Tuesday.

Fuel rates have been on fire since mid-August, rising almost every day due to a drop in rupee value and rise in crude oil rates. Petrol price has risen by Rs 3.65 a litre and diesel by Rs 4.06 per litre - the biggest increase in rates witnessed in any month since the launch of daily price revision in mid-June last year.

PM calls for meeting to review fuel, rupee hike

Prime Minister Narendra Modi has called for a meeting where fuel price hike may be discussed said media reports.

Though a few states have announced a reduction in VAT for fuel thus bringing down prices, Maharashtra is yet to do so.

West Bengal Chief Minister Mamata Banerjee announced a Re 1 cut in fuel prices on Tuesday. On Monday, Andhra Pradesh Chief Minister N Chandrababu Naidu announced a cut in petrol and diesel price by Rs 2 each.

Earlier, Rajasthan Chief Minister Vasundhara Raje announced a four percent reduction in VAT on petrol and diesel on Sunday, which will reduce fuel prices by Rs 2.5 per litre in the state. VAT on petrol will be reduced from 30 to 26 percent and on diesel from 22 to 18 percent, Raje announced. The decision will cost the exchequer Rs 2,000 crore, but will provide the people of that state a relief of Rs 2.5 per litre on petrol and diesel.

--With inputs from agencies

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Updated Date: Sep 13, 2018 15:19:28 IST