Petrol, diesel prices remain unchanged in Chennai

On Friday, diesel prices in Mumbai, Chennai, and Kolkata remained unchanged at Rs 81.60, Rs 80.19, Rs 75.95 and Rs 78.47 per litre respectively.

The price diesel remained unchanged in the national capital after touching fresh highs of Rs 84.70 per litre.

Accordingly, there was no change in the retail price of auto fuels on Friday with the price of petrol remaining at Rs 84.70 a litre and diesel Rs 74.88 a litre in Delhi. In Mumbai, Chennai and Kolkata, petrol was sold at Rs 91.32, Rs 87.40 and Rs 86.15 per litre respectively. 

Petrol price is at a record high in Delhi and is just a shy away from the highest ever rate of Rs 91.34 in Mumbai. Diesel price in Mumbai is at an all-time high.

State-owned fuel retailers -- Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- had on January 6, resumed daily price revision after nearly a month-long hiatus. 

The highest ever rate of diesel in Delhi was touched on October 4, 2018, when it touched Rs 75.45 a litre mark. On that day petrol was priced at Rs 84. In Mumbai, the highest level for petrol was also on the same day when it scaled to Rs 91.34.

The government had responded to the situation in October 2018, by cutting excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.

Though petrol and diesel rates are to be revised on a daily basis in line with benchmark international price and foreign exchange, government-controlled fuel retailers have been moderating rates since the pandemic broke out.

This after they adjusted a Rs 13 per litre hike in excise duty on petrol and Rs 15 a litre on diesel, against a decrease in the retail selling price that was warranted by crude oil prices falling to an average of USD 19 per barrel in April.

Excise duty totals Rs 32.98 per litre in petrol and Rs 31.83 in diesel. VAT in Delhi totals to Rs 19.32 a litre on petrol and Rs 10.85 on diesel.

With international oil prices rebounding from the lows of April, retail rates in India too were revised. Since May 2020, petrol price has risen by Rs 15.04 per litre and diesel by Rs 12.59 a litre, price notifications of oil companies showed.