Petrol price soars past Rs 84 a litre in Delhi, an all-time high

price climbed to Rs 84.20 a litre in the national capital on Thursday. This marks the highest ever price at which has been sold in New Delhi, surpassing the earlier high of Rs 82 a litre that was recorded on October 4, 2018.

Oil companies had hiked the price of by 23 paise per litre and diesel by 26 paise a litre on Thursday. After the hikes, diesel is sold at Rs 74.38 a litre in Delhi.

In Mumbai, petrol was sold at Rs 90.83 a litre and diesel for Rs 81.07 a litre. This is the highest ever price at which diesel has been sold in Mumbai.

Petrol price in Delhi was kept just below the record highs at Rs 83.71 a litre from December 8, 2020 onwards. The price of petrol a year ago in Delhi on January 7, 2020 was Rs 75.74 a litre, and this price has inched up over the year.

ALSO READ: Oil near 10-month high after Saudi Arabia’s unilateral supply cut

The price of diesel in Mumbai was kept unchanged from December 7, 2020 at Rs 80.51 a litre, also marginally lower than the all-time high.

A year ago, diesel sold at Rs 72.14 a litre on January 7, 2020 in Mumbai.

Auto in India are higher because of significant taxes levied by the centre and state governments. On an average, around 60 per cent of the retail price of petrol and diesel in the country is made up of taxes. This quantum varies marginally as per the method adopted and quantum of state levies on petrol and diesel.

The excise duty on petrol is Rs 32.98 a litre and the state government levied value added taxes is around Rs 19.32 a litre in Delhi. On diesel, the centre rakes in Rs 31.83 a litre through excise duty which the Delhi government corners around Rs 10.85 a litre.

Petrol and diesel prices are revised everyday by oil marketing companies in the country. These prices are calculated based on price movements in the international market for comparable grades of fuel. Globally, the recovery in crude oil and petroleum product prices is on the back of optimism of the COVID-19 vaccine rollout and expectations of demand recovery in 2021.

69% want excise duty cut: Survey A survey has said that 69 per cent respondents want the government to cut excise duty on petrol and diesel to bring down the that have touched record highs. As central excise is one of the two major components of the prices of fuel, moderation in the duty will provide succour to people who are facing the heat of economic slowdown and income disruption due to the pandemic, according to the survey conducted by Local Circles. PTI

ALSO READ: Rise in fuel sales in 2020 shows signs of economic recovery: Indian Oil

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Leave a Comment

Your email address will not be published. Required fields are marked *