New Delhi: Petrol and fuel prices yet again touched a record-high on Wednesday. The price of petrol in the national capital reached Rs 86.30 per litre after registering a rise of 25 paise. The diesel prices, meanwhile, also saw an increase of 25 paise and rose to Rs 76.48 a litre. In Mumbai, petrol is being sold at Rs 92.86 a litre and diesel at Rs 83.30 a litre.Also Read - Petrol To Be Cheaper By ₹25/Litre in This State. Deets Inside
In Kolkata, petrol surged to Rs 87.69 per litre while diesel touched Rs 80.08 per litre. In other major cities like Chennai and Hyderabad, petrol is being sold at Rs 88.82/litre and Rs 89.77/litre and diesel at Rs 81.71/litre and Rs 83.46/litre respectively. Also Read - Petrol at ₹177/litre in Sri Lanka; Colombo Dials Delhi For Help
State-owned fuel retailers — Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — had on January 6, resumed daily price revision after nearly a month-long hiatus. Since then, rates have gone up by Rs 2.34 a litre on petrol and Rs 2.36 in case of diesel. Also Read - Petrol Costs Rs 1.885 Per Litre In This Country
Notably, petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates.
Meanwhile, elevated prices of petrol due to a steep increase in taxes in the recent past is set to increase the adoption of compressed natural gas (CNG)-driven vehicles, Crisil Research said.
In the current fiscal, the government is expected to earn incremental revenue of Rs 1.4 lakh crore because of higher excise duty – despite petrol and diesel sales volume likely declining 10-16 per cent.