Petrol and diesel prices on Sunday remained stable as the oil marketing companies paused the price hike rally. The motor fuel prices were last revised on Saturday. Petrol price was increased by 30 paise, while diesel price remained unchanged.
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Currently, petrol in Delhi costs ₹101.84 per litre. Diesel on the other hand is selling at ₹89.87 a litre.
Petrol and diesel cost is highest in Mumbai among all the metro cities in India. Petrol crossed ₹100 mark in the business capital of the country back on May 29. Currently, petrol sells at ₹107.83 per litre in the city. The diesel price in Mumbai is ₹97.45 per litre.
With the incessant price hikes for motor fuels, a litre of petrol price has crossed ₹100 mark in all the metro cities. The price hike rally is expected to continue if the international crude oil prices continue to firm up. Brent crude price in the international market is currently more than $73 per barrel.
Petrol and diesel's price hike rally is not only hitting hard the motorists, but non-motorists as well. The rapidly increasing price of diesel is impacting the transportation cost significantly, resulting in skyrocketing prices for consumables and non-consumables as well. This is resulting in burning pockets for the common people.
Petrol and diesel prices comprise various components including excise duty imposed by the central government and variable VAT amount imposed by the state governments. Besides that, freight charges and dealer commissions to add up the price.
While some of the state governments have reduced their share of VAT in the light of the increasing fuel prices, the central government remained adamant about not reducing the excise duty on fuels. This has caused protests from various quarters of society.