Fuel prices have again increased on Tuesday. Price of petrol has shot up in Mumbai by 14 paise a litre. Petrol is being retailed at Rs 90.22 in Mumbai. Elsewhere in Maharashtra, petrol prices ranged between Rs 85-91 in districts like Nanded, Amravati, Ratnagiri, Aurangabad and Jalgaon.
Petrol prices across the metros in India were hiked by 14 paise today. In the capital, petrol cost Rs 82.26, in Chennai it was priced at Rs 86.13 and in Kolkata at 84.68 per litre, according to a notification by the oil marketing companies.
#NewsAlert -- Fuel price at record high; Petrol and Diesel prices in Delhi are Rs 82.86 per litre and Rs 74.12 per litre, respectively. Petrol and Diesel prices in Mumbai are Rs 90.22 per litre and Rs 78.69 per litre, respectively #OilShock #FuelPriceHike pic.twitter.com/Mk8eesrXua
— News18 (@CNNnews18) September 25, 2018
Diesel prices too were up in the financial capital by 11 paise at Rs 78.69 per litre. In Delhi and other metros, diesel price was hiked by 10 paise costing Rs 74.12 per litre, in Chennai Rs 78.36 per litre and in Kolkata at Rs 75.97 per litre.
An official said that there was no fall in demand with the festival season currently on, and the upward trend was likely to continue for some time.
India is the third largest importer of crude oil and rising international oil prices are inflating domestic transport fuel costs in a strong demand environment. Brent, the benchmark for more than half the world's oil, climbed to $80 per barrel from $71 in the last five weeks, and the Indian rupee lost ground against the dollar by 5-6 percent during the same period, resulting in expensive crude imports.
Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes. Mumbai has the highest sales tax or VAT.
According to oil companies, refinery gate price of petrol, without considering any central or state tax and dealer's commission, is Rs 42.04 per litre. The same for diesel is Rs 45.34.
Retail rates are arrived at after adding excise duty, which is charged by the Central government, commission paid to petrol pumps dealers and VAT, charged by the state governments.
Dealer's commission on petrol currently is Rs 3.66 per litre and that on diesel is Rs 2.52.
Since mid-August, the petrol price has risen by Rs 5.58 a litre and diesel by Rs 5.3 - the most in any month since the daily price revision was introduced in mid-June last year.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: Sep 25, 2018 13:51:46 IST