The rise in the price of petrol ₹85 in Delhi for the first time, and ₹91 in Mumbai.
Key sentence:
- According to a price notice from oil marketing firms, petrol and diesel prices increased by 25 countries per litre.
- Though oil and diesel prices are at a record high in Mumbai, petrol prices are at an all-time peak in the national capital.
- On October 4, 2018, when fuel prices had last hit a record high, the government reduced the excise duty on petrol and diesel.
On Tuesday, petrol prices in the national capital violated the ₹85 a litre mark and diesel hit a record high since rates were increased for the second consecutive day.
According to a price notice from oil marketing firms, petrol and diesel prices increased by 25 countries per litre. In Delhi, this brought the price of petrol to 85.20 per litre and also in Mumbai to 91.80.
The price data showed that the diesel rate rose to ₹75.38 a litre in the national capital – just steer away from its record high – as well as to an all-time high of ₹82.13 in Mumbai.
On Monday, petrol and diesel prices were also raised by 25 countries per litre each. Though oil and diesel prices are at a record high in Mumbai, petrol prices are at an all-time peak in the national capital. A litre record reached on October 4, 2018, diesel price is just short of ₹75.45.
On January 6, after almost a month-long hiatus, state-owned fuel retailers — Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) as well as Hindustan Petroleum Corporation Ltd (HPCL) — resumed regular price reviews.
Since then, petrol prices have risen by ₹1.49 a litre and ~1.51 in the situation of diesel.This comes after global oil rates in different countries, including India, have stepped up on hopes of demand returning from the rollout of coronavirus vaccines.
On October 4, 2018, when fuel prices had last hit a record high, the government reduced the excise duty on petrol and diesel by around 1.50 per litre in an attempt to alleviate inflationary pressure and raise consumer trust. Besides, state-owned fuel retailers cut rates by an extra Re 1 per litre, which they later regained. There are no signs, this time, of a duty reduction so far.
The prices of petrol and diesel are updated regularly according to the international price and exchange rate benchmarks. Depending on the incidence of local taxes, they range from state to state.
