Fuel prices at record high: Check petrol, diesel rates in top cities today

The surge in fuel prices is largely attributed to the recent rise in crude oil cost and the high excise duty levied on transportation fuel in the country.

Diesel prices touched a fresh peak across metro cities on Tuesday. Petrol prices too went up across the country to inch closer to their all-time mark.

In Delhi, petrol prices went up by 14 paise to Rs 78.05 per litre, according to data from the Indian Oil Corporation. Diesel prices notched up 15 paise to Rs 69.91 per litre.

A similar increase was seen in fuel prices in all other metro cities. In Mumbai and Kolkata, petrol was at Rs 85.47 and Rs 80.98 respectively. In Chennai, it was priced at Rs 81.09.

In Mumbai, Kolkata and Chennai, diesel was priced at Rs 73.90, Rs 72.46 and Rs 73.54 per litre respectively against the previous levels of Rs 73.74, Rs 72.31, Rs 73.38 per litre.

The all-time high petrol prices in Delhi, Kolkata, Mumbai and Chennai are Rs 78.43, Rs 81.06, Rs 86.24 and Rs 81.43 per litre, touched in May 29.

The rise in prices of diesel gains significance as it is mostly used in transportation of food and agricultural products and an increase in its price may lead to higher inflation.

The surge in fuel prices is largely attributed to the recent rise in crude oil cost and the high excise duty levied on transportation fuel in the country.

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Petrol crosses Rs 77 mark on rising global rates; diesel at Rs 68.50

Retail selling prices have been firming up since July 30 as international rates inched up.

Petrol prices have crossed the Rs 77 a litre mark for the first time in two months due to firming international rates.

Petrol price in Delhi was on Tuesday hiked by 9 paisa a litre to Rs 77.06 while diesel rates went up by 6 paisa to Rs 68.50 per litre, according to daily price notification issued by state-owned oil firms.

Fuel prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT.

Retail selling prices have been firming up since July 30 as international rates inched up. Rates have risen by Rs 0.90 a litre in case of petrol in nine days while diesel prices have risen by Rs 0.88 per litre.

Petrol price had touched an all-time high of Rs 78.43 a litre on May 29 and had since receded. On that day, the diesel price had touched an all-time high of Rs 69.30.

Petrol was last above the Rs 77-mark on June 9 when it was priced at Rs 77.02 a litre in Delhi. On that day, diesel was priced at Rs 68.28 per litre.

State-owned oil firms had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions.

High prices have off-and-on triggered demands for a reduction in excise duty but the government had ruled out any immediate cut.

The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel.

Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.

The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

This led to its excise collections from petro goods more than doubling in last four years - from Rs 991.84 billion in 2014-15 to Rs 2290.19 billion in 2017-18. States saw their VAT revenue from petro goods rise from Rs 1371.57 billion in 2014-15 to Rs 1840.91 billion in 2017-18.

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End to relentless petrol, diesel price rise brings no joy as cuts minuscule

These small cuts contrast against the nearly Rs 4 per litre rise in petrol prices during May 14-29, with the daily hike in prices varying around 15-30 paise a litre

High fuel prices  have burnt a hole in the common man's pockets. With mounting frustration, rates have been cut for the third consecutive day today. However, this is likely to be cold comfort for most given that the reduction in prices has been minuscule. Prices for petrol and diesel fell by 6 paise and 5 paise per litre, respectively, on Friday. After a one paisa cut in fuel prices, petrol prices across the four metros were cut on Thursday by seven paise a litre and diesel prices fell by five paise.

Petrol now costs Rs 78.29 per litre in Delhi, while the price of diesel has been revised to Rs 69.20 a litre. The revised Petrol prices in other metro cities are -- Rs 80.92 in Kolkata, Rs 86.10 in Mumbai, and Rs 81.28 in Chennai. The revised diesel prices are Rs 71.75 in Kolkata, Rs 73.67 in Mumbai, and 73.06 in Chennai.


How does this measure up against the previous hike in petrol prices? These cuts contrast against the nearly Rs 4 per litre rise in prices during May 14-29, with the daily hike in prices varying around 15-30 paise a litre. Similarly, diesel prices in all the four metros also were at record levels during the period.


A direct comparison of prices brings home the point. In the national capital on Thursday, petrol was sold at Rs 78.35 per litre, down from Rs 78.42 on Wednesday. Compared to Friday's prices, that is just a 13 paise difference in the favour of the consumer.


On Thursday, in the other key cities of Kolkata, Mumbai, and Chennai, the fuel was priced at Rs 80.98, Rs 86.16, and Rs 81.35 a litre, respectively. All these prices were down by seven paise from Wednesday's levels.


On Thursday, diesel prices in Delhi, Kolkata, Mumbai, and Chennai stood at Rs 69.25, Rs 71.80, Rs 73.73, and Rs 73.12 per litre, respectively.


After 16 days of relentless price hikes that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls, petrol and diesel prices were cut for the first time on Wednesday. However, the quantum of reduction was just one paisa.

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