Petrol price was on Monday was cut by around 15 paise a litre. (Photo Credit: File Photo)
Fuel Prices: Petrol price was on Monday cut by 15 paise a litre and diesel rates by 12 paise as oil companies moderated rate reduction amid the fall in global prices to absorb the hike in excise duty on fuel by the government. According to the Indian Oil website, petrol rates are Rs 69.59 per litre in Delhi, Rs 75.30 per litre in Mumbai, Rs 72.29 per litre in Kolkata, and Rs 72.28 per litre in Chennai, respectively. On the other hand, the diesel prices in Delhi, Mumbai, Kolkata, and Chennai remained at Rs 62.29, Rs 65.21, Rs 64.62, and Rs 65.71 per litre, respectively.
In Noida, petrol is retailing at Rs 72.03 a litre, while diesel price is Rs 62.96 a litre. The price of petrol in Gurugram is Rs 70.21 a litre while diesel was selling at Rs 62.08 a litre.
However, the Modi government on Saturday decided to hike the excise duty on diesel and petrol by Rs 3 per litre on Saturday. In an official notification, the Central Board of Indirect Taxes and Customs (CBIC) announced that the special excise duty on petrol was hiked by Rs 2 to Rs 8 per litre in case of petrol while it was raised to Rs 4 in the case of diesel.
This came after the international market witnessed the slump in the crude oil.
India is 84 per cent dependant on imports to meet its oil needs and any spike in global prices has a direct bearing on its economy. Not just imports but even domestic crude oil—which forms the raw material for making petrol, diesel and other petroleum products—is priced according to international benchmarks. Middle East accounts for more than two-thirds of the country’s oil imports, with Iraq and Saudi Arabia being the top suppliers.