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Petrol prices near Rs 80 in Delhi; diesel at all-time high

Where petrol in Delhi would now cost Rs 79.76 per litre, diesel price stands at Rs 79.40 a litre, a narrow gap of just 36 paisa

twitter-logoBusinessToday.In | June 23, 2020 | Updated 10:38 IST
Petrol prices near Rs 80 in Delhi; diesel at all-time high
In these 17 fuel price hikes, petrol prices have gone up by Rs 8.50 per litre and diesel by Rs 9.77 a litre

Petrol and diesel prices were hiked all over India for the 17th day in a row on Tuesday since state-owned oil marketers began revising prices from June 7 in line with costs. In these 17 fuel price hikes, petrol prices have gone up by Rs 8.50 per litre and diesel by Rs 9.77 a litre.

Where petrol has become dearer by 20 paisa a litre, diesel price has touched a new all-time high following a 55 paisa increase, as compared to the previous day's rates, according to data from Indian Oil Corporation.

In Delhi, the prices of diesel and petrol are almost equivalent now. Where petrol in Delhi would now cost Rs 79.76 per litre, diesel price stands at Rs 79.40 a litre, a narrow gap of just 36 paisa.

Also Read: Petrol, diesel prices today; fuel rates hiked by up to Rs 8.88 in 15 days

Owing to a difference in international benchmark prices, petrol generally costs between Rs 5-8 more than diesel. The two fuels had a price gap of Rs 7.3 a litre in early May but their equation changed following disproportionate hikes in VAT on two fuels by the state government.

VAT on petrol was hiked to 30% from 27% while VAT on diesel was jacked up almost twofold to 30% from 16.75% by the Kejriwal government.

Meanwhile, the price differential between petrol and diesel remains unchanged in other cities. For instance, petrol in Mumbai costs Rs 8.78 per litre more than diesel.

Also Read: Petrol price nears Rs 80 in Delhi, diesel at all-time high

Fuel rates have been hiked across the country, varying from state to state basis the incidence of VAT (Value Added Tax), or local taxes. Petrol and diesel prices are assessed by oil marketing companies such as the state-run Indian Oil Corporation daily, and any revision in rates is applied from 6 am in the morning.

Below mentioned are the current petrol and diesel prices in metro cities (in rupees per litre):

  • New Delhi: Petrol Rs 79.76. Diesel Rs 79.40
  • Gurgaon: Petrol Rs 77.99. Diesel Rs 71.76
  • Bengaluru: Petrol Rs 82.35. Diesel Rs 75.51
  • Chennai: Petrol Rs 83.04. Diesel Rs 76.77
  • Hyderabad: Petrol Rs 82.79. Diesel Rs 77.60
  • Mumbai: Petrol Rs 86.54. Diesel Rs 77.76

Also Read: Petrol, diesel prices hiked for 14th day straight; check out latest rates

Internationally, oil prices were steady on Monday, supported by tighter supplies from major producers but held in check by concerns over a rise in coronavirus infections worldwide that could stall a recovery in fuel demand.

Brent crude was up 5 cents, or 0.1 per cent, at $42.24 a barrel by 1349 GMT. The West Texas Intermediate (WTI) crude contract for August, which became the day's more active contract, rose 10 cents, or 0.2 per cent, to $39.93.

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