Diesel prices at lifetime high; petrol crosses Rs 88 in Mumbai
The price of diesel rose for the 11th day in a row on Tuesday, wiping out the entire Rs 2.50 per litre cut in rates announced by the Centre government on October 4.
- Oct 16, 2018,
- Updated Oct 16, 2018 1:11 PM IST
Petrol and diesel rose by up to 22 paise and up to 34 paise, respectively, on Tuesday. The price of diesel rose for the 11th day in a row on Tuesday, wiping out the entire Rs 2.50 per litre cut in rates announced by the central government on October 4. The petrol prices, too, have gone up by Rs 1.44 since the relief was announced. The government had cut the excise duty on petrol and diesel by Rs 1.50 per litre and asked public sector oil companies to subsidise the fuel by another Re 1 a litre giving a relief of Rs 2.50 per litre on the two fuels to consumers. In BJP-ruled states, the reduction was higher as they matched the cut with a similar reduction in local sales tax or VAT. But still, the prices are on the rise ever since, with diesel touching a lifetime high of Rs 80.04 in Mumbai.
- Delhi: Petrol Rs 82.83 per litre, up 11 paise; diesel Rs 75.69 per litre, up 25 paise
- Mumbai: Petrol Rs 88.29 per litre, up 11 paise; diesel Rs 79.35 per litre, up 24 paise
- Chennai: Petrol Rs 86.10 per litre, up 11 paise; diesel Rs 80.04 per litre, up 24 paise
- Kolkata: Petrol Rs 84.76 per litre, up 22 paise; diesel Rs 77.65 per litre, up 34 paise
Diesel prices have seen the fastest increase in rates -- Rs 2.51 per litre in the last 10 days -- since oil companies implemented daily price revision in mid-June 2017. It now costs Rs 75.69 per litre in Delhi, higher than Rs 75.45 a litre price when the government on October 4 announced the excise duty cut.
Petrol costs Rs 82.72 per litre up from Rs 84 on October 4. While in Delhi diesel rates are at their highest ever, in most other states it is lower than the peak as some state governments had matched the Centre's move to cut excise duty and oil company subsidy by a similar cut in local sales tax or VAT. Diesel in Mumbai costs Rs 79.35 per litre, down from Rs 80.10 on October 4. Petrol too in Mumbai is down from the peak of Rs 91.34 per litre on October 4 to Rs 88.29 per litre on Tuesday.
Crude oil prices also rose on Tuesday on signs that Iranian oil exports this month have fallen from September, ahead of US sanctions against Tehran, reported Reuters. International benchmark Brent crude for December delivery rose 27 cents, or 0.33 percent, to $81.05 per barrel by 0325 GMT. US West Texas Intermediate crude for November delivery was up 12 cents at $71.90 a barrel.
Petrol and diesel rose by up to 22 paise and up to 34 paise, respectively, on Tuesday. The price of diesel rose for the 11th day in a row on Tuesday, wiping out the entire Rs 2.50 per litre cut in rates announced by the central government on October 4. The petrol prices, too, have gone up by Rs 1.44 since the relief was announced. The government had cut the excise duty on petrol and diesel by Rs 1.50 per litre and asked public sector oil companies to subsidise the fuel by another Re 1 a litre giving a relief of Rs 2.50 per litre on the two fuels to consumers. In BJP-ruled states, the reduction was higher as they matched the cut with a similar reduction in local sales tax or VAT. But still, the prices are on the rise ever since, with diesel touching a lifetime high of Rs 80.04 in Mumbai.
- Delhi: Petrol Rs 82.83 per litre, up 11 paise; diesel Rs 75.69 per litre, up 25 paise
- Mumbai: Petrol Rs 88.29 per litre, up 11 paise; diesel Rs 79.35 per litre, up 24 paise
- Chennai: Petrol Rs 86.10 per litre, up 11 paise; diesel Rs 80.04 per litre, up 24 paise
- Kolkata: Petrol Rs 84.76 per litre, up 22 paise; diesel Rs 77.65 per litre, up 34 paise
Diesel prices have seen the fastest increase in rates -- Rs 2.51 per litre in the last 10 days -- since oil companies implemented daily price revision in mid-June 2017. It now costs Rs 75.69 per litre in Delhi, higher than Rs 75.45 a litre price when the government on October 4 announced the excise duty cut.
Petrol costs Rs 82.72 per litre up from Rs 84 on October 4. While in Delhi diesel rates are at their highest ever, in most other states it is lower than the peak as some state governments had matched the Centre's move to cut excise duty and oil company subsidy by a similar cut in local sales tax or VAT. Diesel in Mumbai costs Rs 79.35 per litre, down from Rs 80.10 on October 4. Petrol too in Mumbai is down from the peak of Rs 91.34 per litre on October 4 to Rs 88.29 per litre on Tuesday.
Crude oil prices also rose on Tuesday on signs that Iranian oil exports this month have fallen from September, ahead of US sanctions against Tehran, reported Reuters. International benchmark Brent crude for December delivery rose 27 cents, or 0.33 percent, to $81.05 per barrel by 0325 GMT. US West Texas Intermediate crude for November delivery was up 12 cents at $71.90 a barrel.