Petrol, Diesel Prices Raised By 80 Paise Per Litre After A Gap Of Over 4 Months
In Mumbai, petrol will now cost Rs 110.78, while diesel would cost Rs 94.94 per litre
Mumbai: Petrol and diesel prices have been increased by 80 paise per litre for the first time in over four months. The rate of petrol in the country’s capital Delhi is ₹96.21 per litre today while that of diesel is ₹87.47 per litre.
In Mumbai, petrol will now cost Rs 110.78, while diesel would cost Rs 94.94 per litre.
This was the first hike in fuel prices after November 2, 2021. On November 4, the government announced a reduction in excise duty on petrol by Rs 5 per litre and on diesel by Rs 10 per litre to give relief to customers. Against the souring of crude oil prices at the international level.
Subsequently, several states followed suit and cut taxes. Since then, crude oil prices have risen by over 40 per cent, but oil marketing companies (OMCs) have left retail prices unchanged.
From June 2017, petrol and prices are to be adjusted daily in line with the benchmark international rate for the last 15 days.
But after the Narendra Modi government cut excise duty on petrol by Rs 5 per liter and on diesel by Rs 10 per liter, the rates are stable from November 4, 2021. Most state governments also reduced the local sales tax or VAT.
Before these tax cuts, the price of petrol touched an all-time high of Rs 110.04 per litre and diesel came down to Rs 98.42.
These rates reached a Brent peak of $86.40 per barrel on October 26, 2021. Brent was at $82.74 on November 5, 2021, before it started falling and touched $68.87 a barrel in December.
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