ZCZC
BCN-16
INDIA-ENERGY-OIL-PRICE
Petrol, diesel rates scale new highs
New Delhi, Sep 15, 2018 (BSS/PTI) – Petrol and diesel prices Friday scaled
new highs as rates were increased on account of rupee depreciation and rise
in international oil rates.
While petrol price was increased by 28 paise a litre, diesel rates went up
by 22 paise, according to a price notification of state-owned oil marketing
companies.
Petrol in Delhi now costs Rs 81.28 per litre and diesel is priced at Rs
73.30 a litre.
In Mumbai, petrol is retailed at 88.67 per litre, for Rs 84.49 in Chennai
and Rs 83.14 in Kolkata. Diesel costs Rs 77.82 per litre in Mumbai, Rs 77.49
per litre in Chennai and Rs 75.36 per litre in Kolkata, according to the
notification.
Delhi has the cheapest fuel rates among all metros and most state capitals
because of lower taxes. Mumbai has the highest sales tax or value added tax
(VAT).
A combination of a dip in rupee value against the US dollar and rise in
crude oil prices has led to a spike in pump prices since mid-August. Petrol
price has since risen by Rs 4.20 per litre and diesel by Rs 4.53 – the most
in any one-month period since the daily revision in fuel prices was
introduced in June last year.
Rates vary from city to city and from pump to pump depending on local taxes
and transportation cost.
While petrol at pumps of Indian Oil Corp (IOC) in Delhi cost Rs 81.28 per
litre, the same at stations owned by Hindustan Petroleum Corp Ltd (HPCL)
comes for Rs 81.37. Diesel at HPCL pumps in Delhi costs Rs 73.39 and comes
for Rs 73.30 at IOC outlets.
IOC is India’s largest oil firm with almost half of the market share.
In Mumbai, petrol at IOC pumps costs Rs 88.67, while it comes for Rs 88.72
at BPCL outlets and Rs 88.75 at HPCL stations.
Diesel in Mumbai at BPCL outlet costs Rs 77.87, at HPCL pumps Rs 77.90 and
at IOC outlets Rs 77.82 per litre.
While crude oil rates flirted with the USD 80 per barrel mark, the rupee
has plunged against the dollar. The combination of the two makes imports
costlier.
Domestic retail prices are benchmarked to international rates of the fuel.
BSS/PTI/HR/1100