Fuel prices rose for the third consecutive day as petrol rates went up by 26-30 paise, while diesel prices rose by 35-38 paise. Petrol and diesel prices were last changed on October 6. Fuel rates were last kept unchanged on October 4.
After the latest hike, petrol prices crossed the Rs 103 per litre mark in Delhi to settle at Rs 103.24 per litre and diesel costs Rs 91.77 per litre in the national capital. Petrol has surpassed the Rs 109 per litre mark in Mumbai and settled at Rs 109.25 per litre. Diesel is nearing Rs 100 per litre and currently costs Rs 99.55 per litre in India’s financial capital.
Petrol went up to Rs 103.94 in Kolkata and reached Rs 100.75 per litre in Chennai after the recent upward revision in fuel rates. While diesel sells for Rs 94.88 per litre in Kolkata, it costs Rs 96.26 per litre in Chennai.
PETROL, DIESEL PRICES ACROSS MAJOR INDIAN CITIES ON OCTOBER 7, 2021
Meanwhile, Finance Minister Nirmala Sitharaman said that the Centre and the states have to tackle the issue of rising petrol, diesel and cooking gas prices across the country. She further added that petrol and diesel are exorbitantly priced as India has to import almost 99 per cent of its petrol and diesel requirements.
“When rate in the (global oil) market changes, it also affects us. The Centre imposes a fixed amount as tax and not the value-added tax (VAT). But state governments levy VAT (on petrol, diesel),” she said. The Union Minister also acknowledged that rising prices have increased the financial burden on the common man.
State-backed oil marketing companies (OMCs) such as Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) revise the petrol and diesel rates daily on the basis of the value-added tax (VAT) levied on fuel across different states, freight charges, average price of benchmark fuel in the international market in the past 15 days and foreign exchange rate.
GLOBAL OIL PRICES
Oil prices went down on Thursday due to an unexpected rise in US crude stocks. US inventories went up by 2.3 million barrels last week against expectations for a modest dip of 418,000 barrels, US Energy Information Administration (EIA) said. Gasoline inventories also shot up while distillate inventories were down slightly. While US crude went down by 33 cents to $77.10 per barrel, Brent crude went down 2 cents to $81.06 per barrel, Reuters reported.
Edited by Mehak Agarwal
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