Petrol Breaches Rs 90-Mark In Mumbai, Rates At All-Time High Across Country
Prices of petrol today breached the Rs 90-mark in Mumbai as a dip in the value of rupee, and rise in international oil prices pushed rates across the country to all-time high.
Petrol prices were hiked by 11 paise per litre, and diesel by 5 paise, according to price notification by state-owned oil firms. The hike pushed petrol price in Delhi to Rs 82.72 per litre and diesel to Rs 74.02.
In Mumbai, petrol crossed the Rs 90-mark for the first time. The a litre of petrol will set you back by Rs 90.08 at Indian Oil Corporation Ltd. outlets in the city while it is priced at Rs 90.17 per litre at the Hindustan Petroleum Corporation Ltd. outlets. A litre of the fuel costs Rs 90.14 at Bharat Petroleum Corporation Ltd. stations.
India is the third largest importer of crude oil and rising international oil prices are inflating domestic transport fuel costs in a strong demand environment.
Brent, the benchmark for more than half the world's oil, climbed to $80 per barrel from $71 in the last five weeks, and the Indian rupee lost ground against the dollar by five-six percent during the same period, resulting in expensive crude imports.
Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes. Mumbai has the highest sales tax or VAT.
According to oil companies, refinery gate price of petrol, without considering any central or state tax and dealer's commission, is Rs 42.04 per litre. The same for diesel is Rs 45.34.
Retail rates are arrived at after adding excise duty, which is charged by the central government, commission paid to petrol pumps dealers and VAT, charged by the state governments. Dealer's commission on petrol currently is Rs 3.66 per litre and that on diesel is Rs 2.52.
Since mid-August, the petrol price has risen by Rs 5.58 per litre and diesel by Rs 5.3 per litre- the most in any month since the daily price revision was introduced in mid-June last year.
Diesel at IOC's outlets in Mumbai costs Rs 78.58 per litre, at HPCL's stations for Rs 78.67 and comes for Rs 78.67 at BPCL pumps. Petrol in Kolkata costs Rs 84.63 per litre and diesel comes for Rs 75.95. In Chennai, petrol is priced at Rs 86.08 and diesel at Rs 78.35.