Bid & Tender
Petrol, Diesel Prices Hiked Again

Date : Sep 10, 2018

State owned oil marketing companies (OMCs) have again increased the price of sensitive petroleum products like petrol and diesel in the country on Sunday. The prices of petrol and diesel touched a new high on Sunday with Mumbai paying the maximum among the four metros. While petrol costs? 87.89 a litre, diesel is priced at ? 77.09 a litre, according to the daily price notification issued by OMCs.

 

In Delhi, the petrol price has been risen to a record? 80.50 a litre, while diesel price has been increased to ? 72.61 a litre, which is also at a record high, but lowest among the four metros.

 

The price build-up of petrol in Delhi as on Monday includes excise duty of ? 19.48, dealer commission of? 3.63, and VAT of? 16.83 (including VAT on dealer commission). Similarly, the price build-up of diesel in Delhi as of Monday includes excise duty of ? 15.33, dealer commission of ? 2.51, and VAT of ? 10.46 (including VAT on dealer commission).

 

In Kolkata, the price of petrol has been increased to ? 83.39 per litre while the diesel price has gone up to ? 75.46 per litre. Similarly, petrol is being sold for ? 83.66 per litre in Chennai and the diesel retail price is ? 76.75per litre. The fuel prices are likely to go up further as the rupee hit yet another all-time low of ? 72.12 against the U.S. dollar on Thursday, while price of Brent oil was still hovering over $77 a barrel. India imports about 80 per cent of its crude oil, and the falling Indian rupee will make the imports costlier and lead to a rise in fuel prices.

 

State-owned oil firms had in mid-June last year dumped the 15-year practice of revising rates on the first and 16th of every month. India imported crude oil worth ? 2640.30 billion (over $39 billion) between April and July 2018, according to the data by the Petroleum Planning and Analysis Cell.