Fuel prices at record high for seventh day in row

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Petrol and diesel prices were again revised today for the seventh day in a row by state-run oil marketing companies (OMCs) across the country. Following the daily revision in auto fuel rates, petrol prices rose by 23-26 paise while diesel prices went up by 28-30 across four metropolitan cities in the country. The prices of petrol and diesel are being revised daily in India since June 15, 2017.

In Delhi, today petrol prices reached Rs 88.99 a litre as against Rs 88.73 per litre on Sunday while diesel was retailing at Rs 79.35 (29 paise increase) a litre as per data from Indian Oil Corporation website. In the last seven days, the price has gone up by Rs 2.06 per litre for petrol while the diesel rate has risen by Rs 2.56 a litre.

In Mumbai, petrol prices crossed the Rs 95 per litre mark. Currently, petrol costs Rs 95.46 a litre in the financial capital, while diesel is priced at Rs 86.35 a litre, 30 paise more than yesterday

In Bengaluru, petrol has raised up to Rs 91.97 per litre, and diesel Rs 84.12 per litre. In Kolkata, the price of petrol was hiked by 24 paise to Rs 90.25 a litre, from Rs 90.01 recorded on Sunday. Diesel costs Rs 82.94 a litre, 29 paise more than Sunday’s price.

List of top 8 cities  with the change in prices on February 15

(Source: IOCL.com)

In all other metros, petrol is either over Rs 90 per litre mark or just a little below that level, while diesel is over Rs 80 a litre except in Delhi and Lucknow. Petrol prices saw an increase ranging between 25-30 paise per litre and diesel between 30-40 paise per litre across the country, depending on the level of local taxes on the fuels.

However, the daily price hike has been criticised by Opposition parties and has demanded an immediate cut in taxes to ease the burden of the citizens in the country. But last week, Oil Minister Dharmendra Pradhan had told Parliament that the Centre is not planning a cut in excise duty to cool rates from their record highs, mentioning that the prices are dependent on the international crude oil price.

Central and state taxes make up for over 61 per cent of the retail selling price of petrol and about 56 per cent of diesel. The Union government levies Rs 32.9 per litre of excise duty on petrol and Rs 31.80 a litre on diesel.