Fuel price hike rally continues, know rates in your city
2 min read . Updated: 31 Oct 2021, 09:23 AM ISTExcise duty for petrol and diesel is ₹32.9 per litre and ₹31.8 a litre respectively, which is a major reason behind such a sky-high price of motor fuels.
Petrol, diesel price hike rally continues on Sunday, as the oil marketing companies have increased the price of motor fuels to a new high. Both petrol and diesel prices on Sunday have been increased by 35 paise per litre each.
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Petrol now costs ₹109.34 a litre in Delhi and ₹115.15 a litre in Mumbai. Diesel on the other hand is now priced at ₹98.07 a litre in Delhi and ₹106.23 in Mumbai. In Kolkata, per litre petrol and diesel cost ₹109.79 and ₹101.19 respectively. In Chennai, a litre of petrol and diesel cost ₹106.04 and ₹102.25 respectively.
In Bengaluru, petrol is priced at ₹113.15 per litre and diesel at ₹104.09. In Hyderabad, one litre of petrol is now available at ₹113.72 and a litre of diesel costs ₹106.98.
The latest surge in petrol and diesel prices comes on the back of an unrelenting hike at crude oil prices in the international market. India relies on imports from overseas oil producers for 80 per cent of the total oil requirement. Hence, the pump prices of motor fuels in the country are significantly impacted by the fluctuations in crude oil prices in the international market.
Petrol and diesel prices have been increasing incessantly in the last few months. Besides the hike of crude oil prices in the international market, another major reason behind this is the massive hike in excise duty by the central government. Nearly 50 per cent of the petrol and diesel retail prices are attributed to central and state government taxes.
The central government had raised excise duty on petrol and diesel to mop up gains that would have otherwise accrued to consumers from international oil prices crashing to as low as $19 a barrel. Excise duty for petrol and diesel is ₹32.9 per litre and ₹31.8 a litre respectively.
The retail price of petrol and diesel combine various factors such as excise duty, freight charges, variable VAT amount imposed by the state governments, dealer commission etc.
