Petrol and diesel prices were revised on Thursday after crude oil prices reached $80 per barrel, the highest in three years. Petrol prices were raised indeed for the first time since July 17th.
Despite a drop in global crude oil prices, state-run oil companies raised fuel prices on Thursday. Check out the most recent diesel and petrol prices.
Oil companies raised the prices of petrol and diesel today. Petrol prices have risen for the first time in four weeks in the third fuel price revision in as many days. While the price of a litre of petrol has risen by 20 paise, the price of a litre of diesel has risen by 25 paise.
In Delhi, petrol costs Rs 101.64 per litre, while in Mumbai, it costs Rs 107.71 per litre. In Kolkata, petrol costs Rs 102.17 per litre, while in Chennai, it costs Rs 99.46 per litre. There are several cities where the price of gasoline remains in the three-figure range.
Diesel, on the other hand, has risen to Rs 89.87 per litre in the national capital and Rs 97.52 per litre in Mumbai. It costs nearly Rs 93 per litre in Kolkata and Rs 94.55 per litre in Chennai.
Domestic fuel prices in India will rise significantly if crude oil prices rise sharply, as taxes on petrol and diesel are already high. This could lead to a period of high inflation and rising commodity prices. As a result, the recovery’s momentum could be severely harmed.
Petrol and diesel prices have risen by more than 30 cents per litre since May of last year. Following all-time highs across the country, petrol prices were reduced by 65 paise per litre and diesel prices were reduced by 1.25 paise per litre.
Because of several Central and state taxes levied on them, the cost of these fuels is much higher than it should have been straight out of a refinery. In Delhi, for example, the Centre’s tax contributes 32.5 per cent of the retail price of petrol, while the state government’s taxes in the form of Value Added Tax (VAT) contribute another 23.07 per cent. The central excise on diesel is more than 35.8 per cent, while VAT is more than 14.6 per cent. The Centre currently levies excise duties of 32.80 cents per litre on petrol and 31.80 cents on diesel.