Petrol, diesel prices touch new high

Petrol, diesel prices skyrocket, once again! On Saturday, the state-owned oil marketing companies (OMCs) have hiked the prices of hyper sensitive petroleum products like petrol and diesel in the country

The prices of petrol and diesel has reached a new high on Saturday, with Mumbai leading the pack in terms of paying the maximum among the four metros in the country.

According to the daily price notification issued by OMCs, petrol will now cost Rs 89.01 a litre in Mumbai and diesel will be priced at Rs 78.07 a litre

In delhi, though both petrol and diesel prices have risen to a record high of Rs 81.63 a litre and Rs 73.54 a litre, but it is still the lowest among the four metros.

The percentage hike in diesel prices since 1 August 2018, has been higher than the percentage increase in the petrol price during the same period. Since August 1, petrol prices went up almost by 6%, where as diesel prices gone up by 8%.

As on 10 September 2018, the price build-up of petrol in Delhi, includes excise duty of Rs 19.48, dealer commission of Rs 3.64, and VAT of Rs 17.16 (including VAT on dealer commission).

The price build-up of diesel in Delhi includes excise duty of Rs 15.33, dealer commission of Rs 2.52, and VAT of Rs 10.70(including VAT on dealer commission).

In the eastern state of the country, Kolkata, the price of petrol has gone up by Rs 83.49 per litre while the diesel price has went up to Rs 75.39 per litre. In a similar manner, the retail prices of petrol and diesel has gone to Rs 84.85 and Rs 77.74 a litre respectively.

Prices will rise further-
It is touted that the fuel prices are likely to rise further as because the price of Brent oil is still lingering around $78 a barrel.

About 80% of crude oil in India is imported, and in the current situation, where the rupee is on a falling spree, imports will only get costlier. Thus, making fuel prices all the more dearer.

Around mid of June last year, state owned oil firms have dumped the 15-year old practice of revising rates on the first and 16th of every month.

According to the data by the Petroleum Planning and Analysis Cell, between April and July this year, India imported crude oil worth Rs 2,640,30 crore (over $39 billion).

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