Fuel prices on Friday continued to breach the all-time record as petrol rates in Delhi climbed to Rs 81.28 per litre while diesel inched up to a record high of Rs 73.30/litre. The spiralling fuel prices are highly attributed to the potent combination of a depreciating rupee and rising crude oil rates since August 16. In Mumbai, a litre of petrol now costs Rs 88.67 while diesel is being sold for Rs 77.82 per litre on Friday.
"Petrol at Rs 81.28/litre (increase by Rs 0.28/litre) and diesel at Rs 73.30/litre (increase by Rs 0.22/litre) in Delhi. Petrol at Rs 88.67/litre (increase by Rs 0.28/litre) and diesel at Rs 77.82/litre (increase by Rs 0.24/litre) in Mumbai," the news agency ANI reported. The revised rates are made effective from 6 am on Friday, September 14, 2018.
Reacting to the skyrocketing prices of petrol and diesel, Mumbaikars said, "Don't know what the government is doing? It should reduce fuel prices. Achhe din kab aayenge? (When will the good days arrive)".
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After a day's lull, the upward march of fuel prices resumed Thursday with petrol and diesel prices being hiked across metros, making imports costlier.
Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes. While Mumbai and Telangana levy the highest VAT (Value Added Tax) of 39.12 per cent and 26 per cent on petrol and diesel respectively, Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.
According to oil companies, refinery gate price of petrol, without considering any central or state tax and dealer's commission, is Rs 40.49 per litre. The same for diesel is Rs 44.32.
Retail rates are arrived at after adding excise duty, which is charged by the Central government, commission paid to petrol pumps dealers and VAT, charged by the state governments.
Dealer's commission on petrol currently is Rs 3.34 per litre and that on diesel is Rs 2.52.
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While crude oil rates flirted with the USD 80 per barrel mark, the rupee has plunged against the dollar. The combination of the two makes imports costlier.
Domestic retail prices are benchmarked to international rates of the fuel. Since mid-August, the petrol price has risen by Rs 3.92 a litre and diesel by Rs 4.31.
(With inputs from agencies)
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