Mumbai, April 20: Rising crude oil prices in global markets have pushed petrol and diesel to a new high in India. While petrol is selling at a 55-month high in Mumbai at 81.93 a litre, diesel touched the highest-ever, selling at Rs 69.50 a litre. Petrol price has reached the highest since September 2013. Though it is selling at different prices in different cities, Mumbai registered the highest rate. There may be no respite for the diesel users either with the selling price at its highest ever across the country.
In Delhi, petrol is retailing at Rs 74.08 per litre. Kolkata and Chennai saw it selling at Rs 76.78 and at Rs 76.85 respectively. The recent price rise is attributed to the rising crude oil prices in the global markets. Oil marketing companies in India are pricing petrol and diesel on a daily basis that affects consumers every day. In 2018, petrol prices have risen by over Rs 4 per litre and diesel by Rs 5-6 per litre.
Oil PSUs are free to price petrol and diesel according to the international rates and the government has no role in its pricing except for the taxation part of it that constitutes a major component in its rate.
To ease the burden from the consumers, the Centre had reduced the excise duty by Rs 2 amid rising fuel price in October, 2017. There have been talks about bringing petrol and diesel under GST for it may benefit people. So far no decision has been taken yet on this.