Petrol price is near an all-time-high in Mumbai. It is available at Rs 83.45 per litre close to the highest ever level of Rs 83.62. The fuel price increased in other metro cities as well and is available at Rs 75.61 per litre in Delhi, Rs 78.29 per litre in Kolkata, and Rs 78. 46 per litre in Chennai. Diesel prices have also increased in line with petrol prices. In Mumbai, diesel is available at Rs 71.42 per litre, in Delhi at Rs 67.08 per litre, in Kolkata at Rs 69.63 per litre, and Rs 70.8 per litre in Chennai. Also Read - Petrol, Diesel Prices Touch New Levels at Rs 86.08 and Rs 73.74 in Mumbai; Fuel Cost Rising Depsite Decline in Crude Oil Prices
After the freeze of 19 days, petrol prices have risen by 0.97-1.03 per litre across four major metro cities. According to a report from Kotak Institutional Equities Securities, oil marketing companies – Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum Corp Ltd- need to increase petrol prices by Rs 4-4.55 per litre and diesel rates by Rs 3.5-4 per litre. Also Read - Petrol And Diesel Prices Rise After 19 Days; Fuel Rates Revised After Karnataka Elections. Check Out Fuel Prices in Your City
The reports states, “Our computation suggests that downstream oil marketing companies (OMCs) are required to increase retail prices of diesel by a steep Rs 3.5-4 a litre and gasoline (petrol) by Rs 4-4.55 per litre in the coming weeks to earn normative gross marketing margins of Rs 2.7/litre.” Also Read - Petrol, Diesel Prices at 5 Year High After Increasing For Fifth Day In A Row; Will Narendra Modi Government Cut Excise Duty?
In Delhi, petrol prices touched an all-time high in September 2013 at Rs 76.06 per litre. Currently, it is Rs 0.45 away from the highest level ever.
Petrol and diesel prices are revised on a daily basis from June 2017 onwards, with an aim to bring transparency in oil pricing. Before this prices were revised on a fortnight basis.
Excise duty on petrol and diesel was increased last year despite the fact that global crude oil prices were down. Excise duty on petrol has gone up by 100 percent while on diesel it has gone up by more than 200 percent. The government has reduced taxes just once in October 2017 by Rs 2 a litre.