Twarit Mahanagar: Petrol, diesel fares increase again

28 Sep 2018 10:36 AM

Twarit Mahanagar: Petrol, diesel fares increase again

Updated 28 Sep 2018 10:36 AM

Continuing its upward trajectory, fuel prices once again witnessed a hike on Friday with petrol and diesel rates being increased by 22 paise and 18 paise respectively in Delhi and Mumbai. A litre of petrol in Delhi is being sold at Rs 83.22 per litre whereas diesel cost has gone to Rs 74.42 per litre. In Mumbai the prices are on all time high with petrol reaching Rs 90.57 per litre and diesel at Rs 79.00 per litre. Even in other metro cities including Kolkata, Bengaluru and Chennai petrol is being retailed at Rs 85.03, Rs 83.

88 and Rs 86.52 respectively. Likewise a litre of diesel in these metro cities is being sold at Rs 76.27, Rs 74.80 and Rs 78.69 respectively. 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. Petrol price in Mumbai crossed the landmark level of Rs 90 per litre on Monday. As per several Oil Marketing Companies (OMCs), the refinery gate price of petrol without levying and central or state tax or dealer’s commission is Rs 42.04 Rs 45.34 for diesel.

Following a pause on Wednesday, petrol and diesel prices kept on reaching new heights this week. In order to ease the situation five north Indian states including union territory of Chandigarh have agreed to come up with uniform fuel rates and has also formed a sub-committee for the same. The West Bengal government, last week, reduced the excise duty on petrol and diesel by Re 1 per litre each.

Following the same, even Karnataka government announced to cut cess on fuel prices and thus petrol and diesel prices across the state went cheaper by Rs 2 per litre each, following the reduction in cess on these fuels.

According to India’s fuel pricing structure, petrol and diesel rates depend upon the international fuel prices on a 15-day average and also the value of Indian rupee against US dollars. The continuous depreciation of India rupee has been touted as one big reason behind the soaring fuel prices. Rates of petrol and diesel vary from city to city and from a pump to pump depending on local taxes and transportation cost.

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