Home BUSINESS Petrol Becomes Costlier For Fifth Straight Day, Diesel Crosses Rs 68 Per Litre Mark In Delhi

Petrol Becomes Costlier For Fifth Straight Day, Diesel Crosses Rs 68 Per Litre Mark In Delhi

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New Delhi: Petrol, diesel prices rose for the fifth straight day on Monday with both of them becoming costlier by 23 paise per litre. According to data available on India Oil Corporation website, petrol was retailing at Rs 76.36 per litre in the National capital on Monday compared to Rs 76.13 on Sunday. Meanwhile, diesel in New Delhi was priced at Rs 68.07 as against Sunday’s price of Rs 67.86. In other major cities like Mumbai, Chennai and Kolkata, petrol was retailing at Rs 83.75, Rs 79.25 and Rs 79.03 paise respectively. Similarly, diesel was priced at Rs 71.85 in Chennai, Rs 70.62 in Kolkata and Rs 72.23 in Mumbai.

It may be noted that petrol, diesel prices were hiked for the first time after more than one month on Thursday on the back of rising international crude prices and weakening rupee.

In the preceding month, retail fuel rates had been cut in line with dropping international rates. Prices had hit an all-time high of Rs 78.43 a litre for petrol and Rs 69.31 per litre for diesel on May 30. That peak had triggered demands for a reduction in excise duty but the government had ruled out any immediate cut.

The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) – the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel. Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.

On Monday, crude oil prices inched up in early Asian trading as traders focused on any fallout from the US imposition of tariffs on Chinese goods at the end of last week, which prompted immediate retaliation from China.

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