The expected rise in the price of petrol is based on a Rs 5 per litre exchange loss adjustment of Pakistan State Oil (PSO), which is due to the government as it didn’t include the exchange rate adjustments in the past to keep the prices of the petrol on the lower side.
It is worth noting that India is the world’s third-largest oil-consuming and importing nation. It imports 85 per cent of its crude oil needs.
According to a notification issued by the finance ministry, the government imposed a Rs 10 per litre petroleum levy on petrol and Rs 5 each on high-speed diesel, kerosene and light diesel oil.
The reduction in price as claimed by the state government is a natural result of the Centre's decision to cut down excise duty on fuel, Fadnavis said in a series of tweets.
Aurangabad's Shaikh Yusuf purchased a horse for Rs 40,000 to use as his mode of transport to his workplace.
With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
Petrol and diesel have been priced at Rs 110.49 and Rs 101.56 per litre respectively in West Bengal's Kolkata and Rs 106.66 and Rs 102.59 per litre respectively in Chennai.
Petrol and diesel prices hiked by 0.31 to 0.37 paisa on Thursday after a pause of two straight days. In the national capital, petrol and diesel rates jumped 35 paise to cost ₹ 104.79 and ₹ 93.52 per litre respectively, according to Indian Oil Corporation.
Petrol prices in Mumbai saw a rise to Rs 110.12 per litre while Diesel now costs Rs 100.66 a litre
The much-debated fuel prices and the current coronavirus situation in the country were among the prominently discussed issues in the Council of Ministers' meeting chaired by Prime Minister Narendra Modi via video conferencing on Wednesday, sources told India TV.
Fuel prices in the country have been on the rise in the last few months.
Since the start of January fuel prices were rising in India amid high rates of crude oil in the international market. However, fuel rates have steadied in India since March-end, giving a much-needed breather to the pandemic-hit middle class in the country.
The West Bengal government on Sunday announced a reduction of tax by Re 1 per litre on petrol and diesel. The decision, announced by state finance minister Amit Mitra, will be effective from midnight.
Meghalaya Chief Minister Conrad K Sangma informed that the prices of petrol and diesel in the state will be reduced by about Rs 7 per litre approximately across the state.
The price of petrol was increased by 47 paise a litre while that of diesel by 57 paise a litre in Delhi. Petrol and diesel will now cost Rs 76.73/litre and Rs 75.19/litre respectively in the national capital.
Petrol and diesel prices in Chandigarh will go up by nearly Rs 3 per liter with the Union Territory administration announcing a hike in VAT on fuel by five per cent on Wednesday. The tax hike will generate additional revenue of Rs 100 crore for the UT administration in 2020-21.
At a time when rising petrol prices are making headlines across the world, there are some countries selling it at extremely low prices. It is actually cheaper than water in some regions. You have to shell out just 7 paise/litre for petrol in one such country. Check a complete list of countries where petrol is the cheapest.
In the international market, West Texas Intermediate (WTI) brent crude futures rose by 0.31 per cent to $60.94 a barrel. The Brent crude futures were at $60.75 a barrel.
Delhi, Kolkata, Mumbai and Chennai saw a reduction of 5 paise/litre in petrol prices.
On Friday, petrol prices in Delhi and Mumbai fell down by 12 paisa a litre; 11 paisa/litre in Kolkata and 13 paisa/litre in Chennai.
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