Mumbai: Petrol retail rates finally breached the Rs 90 mark in Mumbai by touching Rs 90.08 per litre here on Monday, but stood much higher elsewhere in the state, industry officials said.
Federation of Maharashtra Petroleum Dealers Association (FAMPEDA) President Uday Lodh said that the new rate became effective after a hike of 11 paise effected on Monday.
Parbhani District Petrol Dealers Association (PDPDA) President Sanjay Deshmukh said the petrol rates soared to Rs 91.91 in the districts.
The highest petrol prices logged in various cities included: Nanded Rs 91.61, Amravati Rs 91.31, Ratnagiri Rs 91.14 and Jalgaon Rs 91.01, said Lodh.
Similarly, diesel prices also shot up by five paise per litre in Parbhani where it sold at Rs 79.15, said Deshmukh.
However, Aurangabad notched the highest prices when diesel crossed the Rs 80 mark and retailed on Monday at Rs 80.53 per litre, followed by Amravati at Rs 79.90 and Solapur at Rs 79.25.
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.
Diesel at IOC's outlets in Mumbai costs Rs 78.58 per litre, at HPCL's stations for Rs 78.67 and comes for Rs 78.67 at BPCL pumps. The hike pushed petrol price in Delhi to Rs 82.72 per litre and diesel to Rs 74.02.
Petrol in Kolkata costs Rs 84.63 per litre and diesel comes for Rs 75.95. In Chennai, petrol is priced at Rs 86.08 and diesel at Rs 78.35.
(With inputs from agencies)
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 24, 2018 13:42:48 IST