Fuel prices witness sharp hike; petrol at Rs 70.95/litre in Delhi, Rs 76.58/litre in Mumbai
Business | January 20, 2019 20:14 ISTPetrol and diesel prices have increased by more than Rs 2 per litre each during January.
Petrol and diesel prices have increased by more than Rs 2 per litre each during January.
Meanwhile, petrol prices in Mumbai witnessed an increase of 7 paise/litre to be sold at Rs 76.18 per litre, while diesel is being sold at Rs 68.02 per litre.
With petroleum products being outside the GST regime, prices vary as a result of local taxes.
State-run oil marketing companies increased petrol rates by 38 paise per litre on Monday, while diesel prices were raised by 49-52 paise across the four major metros.
State-run oil marketing companies increased petrol rates by 49-60 paise per litre on Sunday, while diesel prices were raised by 59-75 paise across the four major metros.
Petrol prices have been on a decline since October 18 except for one day.
Petrol price in Delhi was cut to Rs 69.04 per litre from Rs 69.26 while diesel rates came down to Rs 63.09 from Rs 63.32 a litre, according to the price notification of state-owned oil firms.
According to Indian Oil Corp's website, petrol price was at Rs 69.26 per litre in national capital Delhi on Saturday, 29 paise down from the Friday's levels of Rs 69.55 per litre.
In the national capital, petrol was sold at Rs 70.07, down from Rs 70.27 per litre on Saturday, according to data on the Indian Oil Corp's website.
The government had cut the excise duty on fuel prices in October in order to tackle increasing prices of petrol and diesel.
The cost of petrol in Delhi is now back to where it was in February while diesel is at mid-May levels.
Petrol prices have reached below Rs 74-mark for the first time in the last eight months, whereas diesel is now at its cheapest in the last three months.
Petrol price in Delhi was cut by 50 paisa to Rs 73.57 per litre, according to a price notification issued by state-owned fuel retailers.
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Prices vary from region to region due to local taxes, as the products are excluded from the GST regime. Delhi has the lowest tax rate among the four metros.
As the international oil prices continued to rise, price of petrol and diesel in Delhi increased to Rs 82.83 and Rs 75.69 on October 17. In Mumbai, rates touched Rs 88.29 a litre for petrol and Rs 79.35 for diesel.
The revised rates of petrol and diesel in Mumbai stood at Rs 82.80/litre (decrease by 14 paise/litre) and Rs 75.53 (decrease by 10 paise/litre).
According to the government data released Wednesday, food articles witnessed softening of prices with deflation at 1.49 per cent in October, against 0.21 per cent September.
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