Today, Diesel In Delhi Costs More Than What Petrol Did Just 8 Months Ago: 10 Points
- At Rs 65.93 per litre, today's diesel price in Delhi is more than what petrol cost in the national capital on August 3, 2017. On that day, petrol retailed at Rs 65.69 per litre in Delhi, data showed.
- At present, diesel price in Delhi is at a fresh all-time high, meaning it has never been this expensive in the national capital before. The price has held above Rs 65 per litre since April 14, 2018. (Also read:Â Government Rules Out Excise Duty Cut To Cushion Petrol Prices)
- 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. That means, petrol is retailed at its most expensive level in Delhi in four years and seven months. (Also read:Â Clean Petrol, Diesel At Delhi Petrol Pumps)
- Petrol prices are up Rs 1.08 per litre in Delhi, Rs 1.06 per litre in Kolkata, Rs 1.07 per litre in Mumbai and Rs 1.14 per litre in Chennai so far this month. During this period, diesel prices have been increased by Rs 1.53 per litre, Rs 1.54 per litre, Rs 1.62 per litre and Rs 1.63 per litre respectively.
- Currently, petrol and diesel prices across the country are revised by state-run oil marketing companies - Indian Oil, Bharat Petroleum and Hindustan Petroleum - 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.
- 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. (Also read: Oil minister for bringing petrol under GST)
- 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.
- Banking and financial services company Standard Chartered has raised its 2018 crude oil price forecasts by $10 saying that the market has begun to acknowledge the importance of OPEC-led production cuts. The British bank, which revised its forecasts for the first time in almost a year, saw Brent and WTIcrude prices averaging $71 a barrel and $68 a barrel respectively this year.
- The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia have agreed to cap output by about 1.8 million bpd in a deal running from January last year until the end of 2018.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
