Another surge in fuel prices; petrol up at Rs 82.36 per litre, diesel at Rs 74.62 in Delhi

After remaining steady on Wednesday, the price of petrol again saw a marginal increase of Rs 0.10 in Delhi on Thursday. Petrol was priced at Rs 82.36 per litre, while diesel traded at Rs 74.62 with an increase of Rs 0.27 from Wednesday’s prices. In Mumbai, prices of petrol and diesel were Rs 87.82 per litre (increase by Rs 0.9) and Rs 78.22 per litre (increase by Rs 0.29), respectively, according to the price notification by state-owned oil firms.

On Wednesday, the prices of petrol and diesel in Kolkata were Rs 84.09 and Rs 76.20, respectively. In Chennai, the prices were pegged at Rs 85.50 and Rs 78.61, respectively.

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With the steady increase in the prices of fuel on a daily basis, the relief from the excise cut may not last long. Fuel prices were cut by a minimum Rs 2.50 on October 5 when the government’s only second cut in excise duty of Rs 1.50 per litre and state-owned fuel retailers providing a Re 1 per litre subsidy came into effect. In BJP-ruled states, the reduction was higher as they matched the cut with a similar reduction in local sales tax or VAT. But the prices were on the rise from the very next day and it touched a three-week high on Sunday.

Delhi, which did not cut VAT on fuel, still has the cheapest fuel among all the metros and bulk of state capital as it levies lower taxes. Mumbai despite reducing VAT on petrol still has the highest priced fuel.

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After the Centre cut excise duty by Rs 1.50 per litre and asked PSU oil firms to subsidise fuel by Re 1, Maharashtra and Gujarat governments were among the first to announce a matching Rs 2.50 cut.