Wednesday, September 22, 2021

Oil price again fires, know what is the price in your city?

New Delhi: On Sunday, after a gap of one day, fuel prices were again raised for the ninth time in this month. With today’s price hike, petrol and diesel prices have reached a record high. While petrol increased by 24 paise, diesel became costlier by 27 paise.

This increase brought the petrol rates in Delhi to Rs 92.58 per liter and diesel to Rs 83.22 per liter. Petrol prices have already crossed Rs 100 in many cities of Rajasthan, Madhya Pradesh and Maharashtra. With the latest increase, prices in Mumbai are approaching 100.

Cities

Petrol Rate (Per Liter)

Diesel Rate (Per Liter)

Mumbai Rs 98.88 Rs 90.40
Kolkata Rs 92.67 Rs 86.06
Chennai Rs 94.31 Rs 88.07
Noida Rs 90.45 Rs 83.68
Hyderabad Rs 96.22 Rs 90.73
Jaipur Rs 98.67 Rs 91.54
Patna Rs 94.79 Rs 88.46
Bengaluru Rs 95.33 Rs 87.92
Chandigarh Rs 89.05 Rs 82.89

Note that fuel prices vary from one state to another based on local taxes such as VAT and freight charges. Rajasthan imposes the highest value added tax (VAT) on petrol in the country, followed by Madhya Pradesh. This is the reason that petrol prices have crossed Rs 100 in many cities of these two states.

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Central and state taxes apply for 60% of the retail selling price of petrol and over 54% of diesel. The central government levies an excise duty of Rs 32.90 per liter on petrol and Rs 31.80 on diesel.

State-run Oil Marketing Companies (OMCs) revise the prices of petrol and diesel pumps on a daily basis. Also, fuel prices are dependent on crude oil rates, as India imports about 85 percent of its fuel requirements.

Global oil prices have been hovering at $ 66-67 per barrel in the past fortnight, higher than the level when petrol and diesel prices were last changed. Crude oil prices have now reached close to $ 69 a barrel.

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Oil price again fires, know what is the price in your city?
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