New Delhi: Fuel prices continued to soar on Tuesday. The price of petrol in the national capital yet again surged and is priced at Rs 82.86 per litre on Tuesday while it touched Rs 90.22 per litre in Mumbai. Meanwhile, diesel is capped at Rs 74.12 per litre in Delhi and Rs 78.69 per litre in Mumbai, as per the data on the Indian Oil Corp’s website.Also Read - GST Council Extends Concessional Rates on Covid Medicines Till Dec 31; Keeps Petrol, Diesel Out of Tax Ambit
Notably, cost of the fuel in all the key cities except Kolkata are at their record levels. While Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes. Mumbai has the highest sales tax or VAT. According to oil companies, refinery gate price of petrol, without considering any central or state tax and dealer’s commission, is Rs 42.04 per litre. The same for diesel is Rs 45.34. Also Read - Priyanka Chopra Jonas Turned NYC Airport into Her Runway in Rs 3 Lakh Dior Leopard Print Hoodie
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While the Opposition has blamed the union government for not doing enough to keep a check on prices, the latter has maintained that global crude oil prices and other international factors are causing a hike in prices of petroleum products.
The Indian rupee lost ground against the dollar by 5-6 per cent after Brent, the benchmark for more than half the world’s oil, climbed to USD 80 per barrel from USD 71 in the last five weeks, resulting in expensive crude imports. India is the third largest importer of crude oil and rising international oil prices are inflating domestic transport fuel costs in a strong demand environment.
Retail rates are arrived at after adding excise duty, which is charged by the Central government, commission paid to petrol pumps dealers and VAT, charged by the state governments. Dealer’s commission on petrol currently is Rs 3.66 per litre and that on diesel is Rs 2.52.
Since mid-August, the petrol price has risen by Rs 5.58 a litre and diesel by Rs 5.3 – the most in any month since the daily price revision was introduced in mid-June last year.
With PTI inputs.