Petrol & Diesel Prices Hiked (Photo Credit: File Photo - PTI Image)
Fuel Prices Today: Amid novel coronavirus outbreak across the world, the prices for petrol and diesel across major cities of India have witnessed a sharp hike on Thursday (April 2, 2020). It is to be noted that this is the first hike in fuel rates in the last 15 days. According to the Indian Oil website, the price of petrol increased by up to Rs 1.01 per litre in Mumbai and Kolkata. The price of diesel in Mumbai and Kolkata remained unchanged. Whereas, the prices of petrol and diesel remained stable in other metro cities in India. As per revised prices, the petrol rates in Mumbai and Kolkata climbed to Rs 76.31 per litre and 73.30 per litre, respectively. The diesel in Mumbai and Kolkata costs Rs 66.21 per litre and 65.62 per litre.
It is worth mentioning here that the fuel prices remained constant in Delhi and Chennai. In Delhi, petrol today costs Rs 69.59 per litre while diesel costs Rs 62.29 per litre. Likewise, citizens in Chennai have to pay Rs 72.28 for a litre of petrol while diesel retailed at Rs 65.71 per litre.
In Noida, petrol is retailing at Rs 72.12 a litre, while diesel price is Rs 63.06 a litre. The price of petrol in Gurugram is Rs 69.91 a litre while diesel was selling at Rs 61.78 a litre.
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
The fuel prices are in India are revised daily. Petrol and diesel prices are revised every day at 06:00 am to sync it with the variation in global oil prices. Oil marketing companies (OMC) review the global fuel prices and decide petrol and diesel daily. Indian Oil, Bharat Petroleum and Hindustan Petroleum release the new rates at 6 am every morning. Generally, when international crude oil prices gain, prices in India move higher. Other factors also impact the price of fuel like rupee to US dollar exchange rate, cost of crude oil, global cues, demand for fuel, and so on.
The price of fuel includes excise duty, value-added tax (VAT), and dealer commission. As VAT varies from state to state, the price of fuel is different in every city.