Petrol rates have climbed to Rs 86.30 per lire, while diesel stood at Rs 76.48 per litre in the national capital on January 27Petrol rates have climbed to Rs 86.30 per lire, while diesel stood at Rs 76.48 per litre in the national capital on January 27Petrol and diesel prices in Delhi reached a record-high level on Wednesday. According to the Indian Oil Corporation (IOCL), petrol rates have climbed to Rs 86.30 per lire, while diesel stood at Rs 76.48 per litre in the national capital on January 27.
Fuel prices are continuously flaring up across India since January 6. In Delhi alone, petrol rates increased by Rs 2.59 a litre and diesel by Rs 2.61 a litre since January 6, 2021.
In Mumbai, diesel prices touched a record high of Rs 83.30 a litre, while petrol jumped to Rs 92.86 a litre. In other cities like Kolkata, Chennai and Hyderabad, petrol urged to Rs 87.69/litre, Rs 88.82/litre, and Rs 89.77/litre, respectively. Similarly, diesel has touched Rs 80.08/litre, Rs 81.71/litre and Rs 83.46/litre in Kolkata, Chennai and Hyderabad, respectively.
International crude oil prices alone cannot be blamed for the record-high increase in fuel price in India. It is also the Centre's high excise duty and state's value added tax (VAT), which have spiked fuel prices in the country.
In 2018 and 2019, the share of excise duty on a litre of petrol was 47 per cent. The government increased the excise duty by Rs 3 per litre in March 2020 and by another Rs 10 per litre in May 2020 when global crude oil prices were below production costs.
According to Petroleum Planning and Analysis Cell (PPAC), the petrol is priced at Rs 26.34 per litre. The rest is taxes, duty and dealer's commission. Cost of petrol minus levies and commission comprises only 32 per cent of what a buyer pays at the petrol pump station. Tax and duty components (total cost minus base price and dealer's commission) on petrol in Delhi comprise around 64 per cent.
The Centre charges around Rs 32.98 (125 per cent of the base price) as excise and the Delhi government charges Rs 19 (72 per cent of the base price) per litre on VAT on petrol. Other levies include dealer commission of around Rs 3.67 per litre.
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Also read: Fuel price hike: Petrol, diesel prices hit all-time high in Delhi
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