Diesel Price Hits Record High As Fuel Rates Raised For 15 Days In A Row

Petrol and diesel rates were raised to Rs 79.23/litre and Rs 78.27/litre respectively in Delhi

In the 15-day period, the price of petrol has been increased by a cumulative Rs 8.88 per litre in the national capiital, and diesel by Rs 7.97 per litre. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City)
On June 7, oil marketing companies restarted the normal system of daily price reviews in line with costs following an 82-day hiatus.
The price of petrol in Delhi had soared to an all-time high of Rs 84 per litre in October 2018.
Domestic petrol and diesel are determined broadly by global oil prices and forex prices, and vary from state to state depending on value added tax (VAT).
International crude oil rates rose on Friday but pulled back sharply from early highs on concerns that continued spread of the coronavirus pandemic could stall an economic rebound in the US.
Brent crude futures - the global benchmark for crude oil - gained 0.24 to $41.61 per barrel, having risen to $42.92 per barrel and then briefly turning negative earlier.
Earlier that day, the rupee ended marginally lower at 76.19, having moved in a range between 76.17 and 76.30 during the four-hour session. For the week, the currency registered a loss of 35 paise or 0.46 per cent, depreciating for a second straight week.
Taxes make up for nearly two-thirds of the retail selling price.
In Delhi, for example, out of the retail selling price of Rs 79.23, Rs 50.69 per litre is due to taxes (central excise duty of Rs 32.98 and VAT of Rs 17.71). Similarly, in the diesel rate, an excise duty of Rs 31.83 and a VAT of Rs 17.60 are applicable, taking the total tax incidence to Rs 49.43 per litre.
State-run Indian Oil, Hindustan Petroleum and Bharat Petroleum account for the majority of petrol and diesel outlets in the country.