- Petrol price at Rs 69.35/litre in Delhi, Rs 77.25/litre in Mumbai
- Diesel rate at Rs 58.75 per litre in Delhi, Rs 62.03/litre in Mumbai
- Petrol rates up 11-73 paise per litre so far this month in four metros
With this increase, petrol rates in the four metros - Delhi, Kolkata, Mumbai and Chennai - are up 11-73 paise per litre so far this month. Diesel rates have increased by 36-98 paise per litre during this period. On November 30, 2017, petrol retailed at Rs 69.24 per litre in Delhi, Rs 72 per litre in Kolkata, Rs 76.52 per litre in Mumbai and Rs 71.76 per litre in Chennai, according to Indian Oil Corporation, the country's largest fuel retailer. Diesel retailed at Rs 58.39 per litre, Rs 61.05 per litre, Rs 61.05 per litre and Rs 61.5 per litre, respectively, on the last day of November 2017.
Oil market companies Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) switched to a daily revision system for petrol and diesel prices on June 16, 2017. Previously, the rates were changed every fortnight. The move to daily revision was in their bid to immediately pass on any movement in international oil prices to consumers and avoid sharp spikes by spreading them in small doses.
Since the shift to daily revisions, petrol price has risen by Rs 2.44 per litre in Delhi, Rs 2.59 per litre in Kolkata and Rs 1.94 per litre in Chennai. Diesel price has increased by Rs 2.81 per litre in Delhi, Rs 3.13 per litre in Kolkata, Rs 0.36 per litre in Mumbai and Rs 2.66 per litre in Chennai, according to Indian Oil. In Mumbai, petrol price has fallen by Rs. 1.19 per litre during this period.
The government favours bringing petroleum products under the ambit of Goods and Services Tax (GST) but only after building a consensus with states, Finance Minister Arun Jaitley said on Tuesday. "As far as the Central government is concerned, we are in favour of bringing petroleum products under the GST, let me categorically put it. But we will wait for the consensus of the states. And I do hope that at some stage sooner than later the states would agree to it," Mr Jaitley told the Rajya Sabha in response to a question.
Petrol and diesel don't come under the ambit of GST (Goods and Services Tax). Besides, global prices, excise duty and VAT determine the domestic price of petrol and diesel. India relies on imports to meet 80 per cent of its needs and so domestic fuel rates have been aligned to movement of equivalent product prices in the international market.