Fuel price hike rally continues, know rates in your city

Excise duty for petrol and diesel is 32.9 per litre and 31.8 a litre respectively, which is a major reason behind such a sky-high price of motor fuels.
By : HT Auto Desk
| Updated on: 31 Oct 2021, 09:23 AM
Petrol and diesel prices have increased incessantly in the last couple of months. (HT_PRINT)
Petrol and diesel prices have increased incessantly in the last couple of months. (HT_PRINT)
Petrol and diesel prices have increased incessantly in the last couple of months. (HT_PRINT)
Petrol and diesel prices have increased incessantly in the last couple of months.

Petrol, diesel price hike rally continues on Sunday, as the oil marketing companies have increased the price of motor fuels to a new high. Both petrol and diesel prices on Sunday have been increased by 35 paise per litre each.

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Petrol now costs 109.34 a litre in Delhi and 115.15 a litre in Mumbai. Diesel on the other hand is now priced at 98.07 a litre in Delhi and 106.23 in Mumbai. In Kolkata, per litre petrol and diesel cost 109.79 and 101.19 respectively. In Chennai, a litre of petrol and diesel cost 106.04 and 102.25 respectively.

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In Bengaluru, petrol is priced at 113.15 per litre and diesel at 104.09. In Hyderabad, one litre of petrol is now available at 113.72 and a litre of diesel costs 106.98.

The latest surge in petrol and diesel prices comes on the back of an unrelenting hike at crude oil prices in the international market. India relies on imports from overseas oil producers for 80 per cent of the total oil requirement. Hence, the pump prices of motor fuels in the country are significantly impacted by the fluctuations in crude oil prices in the international market.

Petrol and diesel prices have been increasing incessantly in the last few months. Besides the hike of crude oil prices in the international market, another major reason behind this is the massive hike in excise duty by the central government. Nearly 50 per cent of the petrol and diesel retail prices are attributed to central and state government taxes.

The central government had raised excise duty on petrol and diesel to mop up gains that would have otherwise accrued to consumers from international oil prices crashing to as low as $19 a barrel. Excise duty for petrol and diesel is 32.9 per litre and 31.8 a litre respectively.

The retail price of petrol and diesel combine various factors such as excise duty, freight charges, variable VAT amount imposed by the state governments, dealer commission etc.

First Published Date: 31 Oct 2021, 09:23 AM IST
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