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Petrol Price Crosses Rs 77 In Delhi, Near Rs 85 In Mumbai; Diesel At New Highs
23 May 2018, 10:47 AM IST 
- With effect from 6 am, Wednesday, May 23, petrol prices were at Rs 77.17 a litre in Delhi, Rs 79.83 a litre in Kolkata, Rs 84.99 per litre in Mumbai and Rs 80.11 per litre in Chennai, according to Indian Oil Corporation. Diesel prices were at Rs 68.34 a litre, Rs 70.89 a litre, Rs 72.76 a litre and Rs 72.14 a litre respectively.
- Wednesday's hike was in the range of 29-32 paise per litre in the four metros, while diesel prices were raised by 26-28 paise per litre compared to the previous day.
- Bharatiya Janata Party (BJP) president Amit Shah said on Tuesday the government was taking the issue of rising petroleum prices seriously and would soon announce measures to deal with the matter. He also said it would come out with a solution in three-four days.
- Industry bodies Ficci and Assocham had earlier this week called for the government to urgently reduce fuel excise duties. They also urged the government to bring automobile fuels under the purview of Goods and Services Tax (GST).
- The government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs. 2 a litre.
Petrol price (in Rs per litre) Diesel price (in Rs per litre) 23-May 22-May 13-May 23-May 22-May 13-May Delhi 77.17 76.87 74.63 68.34 68.08 65.93 Kolkata 79.83 79.53 77.32 70.89 70.63 68.63 Mumbai 84.99 84.7 82.48 72.76 72.48 70.2 Chennai 80.11 79.79 77.43 72.14 71.87 69.56 (Source: iocl.com) - Wednesday's hike included, petrol prices have been increased by Rs 2.54 per litre in Delhi, Rs 2.51 per litre in Kolkata and Mumbai, and Rs 2.68 per litre in Chennai in 10 days, data from Indian Oil Corporation shows. Diesel prices have been raised by Rs 2.41 per litre in Delhi, Rs 2.26 per litre in Kolkata, Rs 2.56 per litre in Mumbai and Rs 2.58 per litre in Chennai.
- Currently, petrol and diesel prices are revised on a daily basis, a practice adopted by oil marketing companies in June 2017. The prices are implemented at fuel cities at 6 am.
- The prices in Delhi are the lowest among all metros and most state capitals. Rates vary from state to state depending on the incidence of local sales tax or VAT.
- Domestic petrol and diesel prices are determined broadly by international crude oil and rupee-dollar forex prices.
- With crude oil prices in the international market staying near their highest levels since late 2014, coupled with weakness in the rupee against the US dollar, domestic fuel prices are at their all-time highs in Delhi and Mumbai.
(With agency inputs)
