Petrol price scales new high, diesel rates kept unchanged (File Photos)
After a day's lull, the oil marketing companies (OMCs) on Thursday hiked the petrol price to a new high while the diesel rates remained unchanged in metros across India. While rates were not changed on Wednesday, a 0.06 paise per litre hike in petrol price came into effect in Delhi Thursday, according to a price notification of state-owned oil marketing companies.
In Delhi, petrol now costs Rs 82.22 per litre, against earlier price of Rs 82.16 per litre while diesel is being sold for Rs 73.87 per litre on Thursday.
Talking about Mumbai, petrol price increased by 0.06 paise per litre, hitting the Rs 89.60 per litre mark, while diesel is at its earlier price of Rs 78.42 per litre Thursday.
"Petrol and Diesel prices in Delhi are Rs.82.22 per litre & Rs.73.87 per litre, respectively. Petrol and Diesel prices in Mumbai are Rs.89.60 per litre and Rs.78.42 per litre, respectively," the news agency ANI reported. The revised rates are made effective from September 20, 2018.
Petrol & Diesel prices in #Delhi are Rs.82.22 per litre & Rs.73.87 per litre, respectively. Petrol & Diesel prices in #Mumbai are Rs.89.60 per litre & Rs.78.42 per litre, respectively. pic.twitter.com/nEIuPo2sAr— ANI (@ANI) September 20, 2018
Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes, whereas Mumbai levies the highest sales tax or value-added tax (VAT) on fuels.
A combination of a dip in rupee value against the US dollar and rise in crude oil prices has led to a spike in fuel prices since mid-August. Petrol price has since risen by Rs 5.02 per litre and diesel by Rs 5.15 - the most in any one-month period since the daily revision in fuel prices was introduced in June last year.
Rates vary from city to city and from a pump to pump depending on local taxes and transportation cost.
The deadly cocktail of high oil prices and the depreciating rupee has made imports costlier and led to a surge in fuel prices.
Price of Brent crude, the benchmark for half the world's oil including India's, was hovering around USD 80 per barrel while rupee traded at 72.8112 to a US dollar Tuesday, nearing a record low of 72.9138 touched last week. India is 81 per cent import dependent to meet its oil needs.