Petrol Diesel Prices on the Rise : Price List For Major Cities:Non-branded Petrol will cost Rs 68.94 in Delhi,Rs 75.27 in Mumbai, Rs 71.50 in Kolkata and Rs 68.41 in Chennai.Diesel will now cost Rs 56.68 in Delhi, Rs 62.40 in Mumbai, Rs 58.92 in Kolkata and Rs 58.28 in Chennai.
Oil Corporations have hiked petrol price by Rs 2.21 per litre and diesel by Rs 1.79 per litre.
The rise in prices are due to the strengthening of oil prices across world markets.
Fuel retailers Indian Oil Corp., Hindustan Petroleum Corp. and Bharat Petroleum Corp. Ltd on Friday announced that non-branded petrol will cost Rs 68.94 in Delhi, Rs 75.27 in Mumbai, Rs 71.50 in Kolkata and Rs 68.41 in Chennai. Diesel will now cost Rs 56.68 in Delhi, Rs 62.40 in Mumbai, Rs 58.92 in Kolkata and Rs 58.28 in Chennai.
Petrol Diesel Prices on the Rise : According to Indian Oil
“The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant an increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” said a statement from the largest retailer, Indian Oil.
On 30 November, The Organisation of Petroleum Exporting Countries (Opec), a grouping of 13 oil-producing nations had decided to cut global output of crude oil by 1.2 million barrels a day, in a first such deal since 2008.
Petrol and diesel price in India are bench-marked to the global price of these fuels, which generally follow the trends in the price of crude oil, their raw material.
The rise in crude oil prices could also tempt the central government to keep a close eye on central excise duty on petrol and diesel, and states on the value added tax, which were raised several times to augment revenue collection while oil price was declining in the recent past.
During the low oil price era of past two years, the government has managed to keep the price of auto-fuel market-linked which helped it save on oil subsidy, which is currently available only on kerosene and cooking fuel liquefied petroleum gas (LPG) given to the poor.
At Current stage, non-branded petrol attracts Rs 21.48 and diesel Rs 17.33 as central excise duty.
IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise rates on 1st and 16th of every month based on average international prices in the previous fortnight.