Petrol Prices Rise, Diesel Rates Remain Stable: 5 Things To Know

Oil marketing companies (OMCs) raised petrol prices in four metropolitan cities on Thursday while the rates of diesel were kept stagnant for a second consecutive day. Petrol prices witnessed a hike of 6 paise per litre in Delhi, Mumbai and Kolkata. The rate was increased by 7 paise per litre in Chennai. After the revision, a litre of petrol was being sold at Rs 82.22 in Delhi, Rs. 89.60 in Mumbai, Rs. 85.48 in Chennai and Rs. 84.07 in Kolkata. The revised rates are applicable from 6 am on September 20, 2018.

1. Diesel was being retailed at a price of Rs. 73.87 per litre in Delhi, Rs.78.42 per litre in Mumbai, Rs. 78.10 per litre in Chennai and Rs. 75.72 per litre in Kolkata, according to a price notification of state-owned fuel retailers. The diesel rates were the same on Wednesday also.

2. Petrol and diesel prices vary from state to state due to local levies.

3. The surge in fuel prices is largely attributed to the recent rise in crude oil prices and high excise duty levied on transportation fuel in the country. Depreciation in the Indian rupee against the US dollar also makes the import of crude oil expensive as transaction is done in dollars.

4. Except for halts on September 5, September 12 and September 20, petrol prices have been hiked almost daily across India over the past few weeks.

5. Globally, oil prices rose for a third day on Thursday amid another drawdown in US inventories and strong US gasoline demand, while signs that OPEC may not raise output to address shrinking supplies from Iran also supported the prices. (With agencies inputs)