Petrol, Diesel Prices Hiked For Sixth Day; Rates Rise To Multi-Year Highs Today
- On April 24, diesel price in Delhi hit a fresh all-time high, meaning it has never been this expensive in the national capital before. The price has held above the level of Rs 65 per litre since April 14, 2018. (Also read: Government rules out excise duty cut to cushion petrol prices)
- Today's diesel price in Delhi - Rs 65.93 per litre - is same as petrol price in the national capital in November 2016, data showed.
- Petrol price in Delhi is at its highest recorded level since September 14, 2013, when the fuel retailed at Rs 76.06 per litre in the national capital. In other words, petrol is retailed at its most expensive level in Delhi in four years and seven months.
- With Tuesday's hike, petrol prices are up Rs 1.06-1.14 per litre across the four metros so far this month. Diesel prices have been raised by Rs 1.53-1.63 per litre during this period.
- Currently, petrol and diesel prices across the country are revised by state-run oil marketing companies on a daily basis, effective 6 am.
- This new system of daily rate revisions has been adopted by state-run oil marketing companies from June 2017, dumping a 15-year old practice of revising rates on the 1st and 16th of every month.
- The prices are broadly determined by international crude oil and rupee-dollar forex rates.
- India imports about 80 per cent of its annual crude oil requirement.
- International crude oil prices - determined by benchmark Brent crude - hit their highest levels since late 2014 on Tuesday.
- Finance Minister Arun Jaitley had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre. Subsequent to that excise duty reduction, the Centre had asked states to also lower VAT, but just four of them - Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh - reduced rates. The central government had cut excise duty by Rs 2 per litre in October 2017. However, a global rally in crude prices pushed domestic fuel prices far higher than those levels. (Also read: Oil minister for bringing petrol under GST)
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