Here are five things to know about petrol and diesel prices today:
1. With effect from 6 am on Friday, May 25, petrol prices were at Rs 77.83 per litre in Delhi, Rs 80.47 per litre in Kolkata, Rs 85.65 per litre in Mumbai and Rs 80.80 per litre in Chennai, according to Indian Oil Corporation. Diesel prices were at Rs 68.75 a litre in Delhi, Rs 71.30 a litre in Kolkata, Rs 73.20 a litre in Mumbai and Rs 72.58 a litre in Chennai respectively. With Friday's hike, the overall hike in petrol prices was to the tune of Rs 3.15-3.37 per litre in the four metros since May 13 and in the range of Rs 2.67-3.02 a litre in case of diesel, according to IOC data. These hikes come after a 19-day hiatus when prices were kept steady.
|Petrol price (in Rs. per litre)||Diesel price (in Rs. per litre)|
(Also read: Bringing Petrol, Diesel Under GST To Lower Prices: Maharashtra Chief Minister Devendra Fadnavis)
3. "The long term solution is to bring all the petroleum products under goods and service tax that will rationalise the taxation structure," said Hindustan Petroleum Corporation chairman MK Surana.
4. Oil prices were near November 2014 highs after breaking through $80 for the first time in a few years earlier this month. Domestic petrol and diesel prices are broadly determined by crude oil and rupee-dollar forex rates. The rupee made some recovery against the US dollar on Thursday, but was only eight paise away from an 18-month low of 68.42 against the greenback registered recently.
5. India imports more than 80 per cent of its crude oil requirements. Fuel, however, is a huge source of revenue for the government. Government data shows the Finance Ministry raised excise duty on petrol and diesel nine times between November 2014 and February 2016. Excise duty was reduced only once in October 2017.
(With agency inputs)