In a fresh hike, petrol and diesel prices have recorded an all-time high by the oil marketing companies despite a dip in global crude oil prices.
According to the Indian Oil Corporation, petrol prices have increased to ₹86.05 and diesel to ₹76.48 per litre in Delhi, while in Mumbai it has neared ₹93 and ₹83 per liter, respectively.
While in other metropolitan cities, the petrol prices were- Kolkata (₹87.45), Chennai (₹88.60), Bengaluru (₹88.95), Hyderabad (₹89.51), Jaipur (₹93.60), Patna (₹88.53) and Thiruvananthapuram (₹88.08).
Fuel prices have flared up across the country since January 6 with Delhi alone witnessing a hike of ₹2.59 a litre and diesel by ₹2.52 a litre since.
The prices of the crude oils have increased after a gap of two days, with a hike of 25 paise each.
With fuel prices varying from state to state depending on their tax or VAT levied, the prices are at record-high across the country, prompting cries from consumers on cut on excise duties.
After a month of gap, crude retailers like Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have resumed their daily price revision, resulting in hike of ₹2 on petrol and diesel.
International crude oil prices alone cannot be blamed for the record-high increase alone, it also depends on the Centre’s high excise duty and state’s value added tax (VAT). In March 2019, the government had increased the excise duty by ₹3 per litre, clubbed with a hike of ₹10 per litre in May 2020.
According to Petroleum Planning and Analysis Cell (PPAC), the petrol is priced at ₹26.34 per litre. Other taxes levied by the Centre and states include duty and dealer’s commission.