INDIA

Petrol Price Hits Fresh Record Highs Across India, Nears ₹109/L In Mumbai

The Brent crude price, which is linked to India's crude basket, is now hovering above $81 per barrel

Mumbai: Petrol, diesel prices on Tuesday touched another record high in all major cities. Petrol prices were hiked by 22 to 29 paise per litre while diesel became costlier by 28 to 32 paise per litre across major cities of the country.

After the latest round of price hikes, petrol is retailing at Rs 102.64 per litre and diesel at Rs 91.07 per litre in Delhi. In Mumbai, petrol is at Rs 108.67 per litre, while diesel is sold at Rs 98.80 per litre.

In Kolkata, petrol prices jumped to Rs 103.36 per litre and diesel prices to Rs 94.17 per litre. In Chennai, petrol was retailing at Rs 100.23 and diesel at Rs 95.59 a litre.

Worth mentioning here is that petrol and diesel prices differ from state to state, as VAT rates charged by states are different.

It may be noted that Brent crude price, which is linked to India’s crude basket, is now hovering above $81 per barrel. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) resumed daily price revisions on September 24.

The Dollar-rupee exchange rate also has an impact on local fuel prices are crude oil is traded in dollars.

The Centre has increased excise duty on diesel by 43% and on petrol by 68% in the last 12 months to boost its revenue amid the pandemic. the excise duty charged on the fuel is the main reason for such high retail prices of petrol and diesel.

Follow us on TwitterInstagram, and like us on Facebook for the latest updates and interesting stories. 

Show More
Back to top button