- Petrol rates hiked by 5 paise/litre in Delhi, Kolkata, Mumbai, Chennai
- Diesel prices kept unchanged, a day after release of Budget 2018
- Petrol rates up Rs 3.07-3.29/litre, diesel Rs 4.47-5/litre year-to-date
With Friday's hike, petrol prices have been increased by Rs 3.07-3.29 per litre in the four metros so far this year, while diesel rates raised by Rs 4.47-5 per litre, according to Indian Oil Corporation. Domestic petrol and diesel prices are broadly determined by global crude oil rates and foreign exchange rates. In the international market, Brent crude futures - the global benchmark - was qoting 0.3 per cent higher at $69.84 a barrel in recent prices on Friday.
Latest petrol, diesel rates in Delhi, Kolkata, Mumbai, Chennai
|Petrol (Rs per litre)|
|Diesel (Rs per litre)|
Finance Minister Arun Jaitley on February 1, 2018 presented the Union Budget for financial year 2018-19 in Parliament. The government proposed a levy of road and infrastructure cess of Rs 8 per litre on petrol and high-speed diesel oil in the Budget 2018-19 while abolishing an additional duty of excise of Rs. 6 on the same account. However, officials said it would have no impact on the fuel prices for the end-user.
The basic excise duty on unbranded petrol was slashed by Rs. 2 from Rs. 6.48 per litre and on branded petrol from Rs. 7.66 per litre. Similarly, on unbranded diesel, the additional excise duty was brought down from Rs. 8.33 per litre to Rs. 6.33 per litre and on branded diesel from Rs. 10.69 per litre to Rs. 8.69 per litre.
Finance Secretary Hasmukh Adhia said in a post-Budget media briefing that the changes won't affect the customer, news agency Press Trust of India reported. Only the devolution of cess has been changed, he said.
Currently, oil marketing companies - IOC, Hindustan Petroleum Corporation and Bharat Petroleum Corporation - revise the prices of petrol and diesel on a daily basis with effect from 6 am. The PSU oil retailers take into account the global crude oil prices and the rupee-dollar foreign exchange (forex) rate for revising the prices.
Previously, petrol and diesel rates were changed every fortnight. Indian Oil and other oil marketing companies adopted a daily revision system on June 16, 2017.
(With agency inputs)