Petrol, diesel prices today: New high after fresh hike. Check fuel rates

Petrol price today has reached a new all-time high after oil companies revised the rates for the first time this week. The price of petrol has been increased by around 35 paise per litre, two days after the last hike was implemented.

Petrol price has been hiked on Wednesday after a two-day respite. (File photo) (HT_PRINT)
Petrol price has been hiked on Wednesday after a two-day respite. (File photo)

There was a two-day respite this week from fuel price hike. While the government is in talks with oil exporting countries to keep the crude oil prices under check, the rising cost has forced the oil companies to make further revision in the rates.

Petrol price in Delhi today stands at 106.19 per litre. Diesel price, which has not seen a hike for the third consecutive day, remains constant at 94.92 per litre.

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Petrol price in Mumbai today has gone up to 112.11, the highest ever the city has seen. Petrol price in Kolkata today has now reached 106.78 per litre, while Chennai will have to pay 103.31 for the same amount. Petrol price in Bengaluru is also one of the highest in the country, and stands at 109.53 per litre.

The Centre is currently in talks with countries exporting oil to India. According to the source quoted by news agency ANI, the Ministry of Petroleum and Natural Gas has raised concerns over rising prices of crude oil, supply and demand of oils to the major oil-producing countries.

"As crude oil prices rise internationally, the petroleum ministry has called on the energy ministries of many countries such as Saudi Arabia, Kuwait, UAE, Russia and others," the source was quoted by ANI.

India imports nearly 85 per cent of oil from other countries to meet domestic needs. Fluctuations in the global crude oil rates often dictate the price of petrol and diesel in the country.

Besides the crude oil rates, there are other factors which contribute to high rate of fuel in India. These include tax components imposed by both central and state governments. In fact, central and state government taxes contribute nearly 60% of the petrol retail price and 54% of the diesel retail rate. Besides the central government imposed excise duty and freight charges, the motor fuels also attract variable VAT amounts from different state governments and dealer commissions as well.

First Published Date: 20 Oct 2021, 09:06 AM IST
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