Petrol, diesel prices at fresh highs; petrol crosses Rs 87 mark in Delhi
Business | February 09, 2021 12:10 ISTPetrol and diesel prices on Tuesday climbed to fresh highs in the country as rates were hiked after a three-day hiatus.
Petrol and diesel prices on Tuesday climbed to fresh highs in the country as rates were hiked after a three-day hiatus.
Petrol and diesel prices in Delhi touched new all-time highs on Thursday with oil marketing companies (OMCs) raising pump prices by 35 paise a litre.
The government on Monday imposed agriculture and infrastructure development cess at the rate of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel to mobilise additional resources required for massive investment required in these two key segments of the economy that hold the key to bringing back the country on the path of growth.
The Rajasthan government has reduces VAT on diesel and petrol by 2 per cent each. After the reduction, 36 per cent VAT applicable on petrol and 26 per cent on diesel.
Last year the government had set a target of reaching 10 per cent ethanol-blending by 2022 (10 per cent of ethanol mixed with 90 per cent of petrol) - and 20 per cent by 2030.
Across the country, the fuel prices increased sharply but its rise at retail level varied state-to-state depending on the quantum of taxes in each state.
Petrol price on Tuesday edged past Rs 86 a litre mark in the national capital and diesel soared above Rs 76 after rates witnessed maximum increase in the last one year.
Petrol and diesel prices on Saturday surged again in India and Bhopal witnessed hike in the rates of fuels with ₹93.59 per litre and Rs 83.85 per litre respectively.
Fuel prices touched a new high on Wednesday after oil marketing companies decided to break the momentary pause in the wake of a sudden spike in the global oil prices.
Oil marketing companies continued to hold back any change in retail price of petrol and diesel continuing with their wait and watch stance that has kept the prices of two auto fuels static for past 12 days.
Petrol and diesel prices rose for the sixth day in a row on Monday as rates went up by 26-30 paise per litre.
Petrol prices in Madhya Pradesh's Bhopal crossed Rs 90 per litre mark on Monday.
Petrol price on Friday was hiked by 17 paise per litre and diesel by 22 paise, as firming international oil prices broke a nearly two-month-long hiatus in price revision.
UK Prime Minister Boris Johnson on Wednesday unveiled plans for a new Green Industrial Revolution for the country, including a ban on the sale of new petrol and diesel cars by 2030 and new measures to become a world leader in carbon capture.
India's diesel sales fell 5 per cent in the first half of November when compared with the previous year, industry data showed on Monday, after rising for the first time in eight months in October.
State-owned Indian Oil Corp (IOC) on Friday said international oil prices have been range-bound in the last few weeks, warranting no revision in retail petrol and diesel rates.
Petrol, diesel prices have remained steady for about half of the current month as stable global oil prices have ensured that oil marketing companies did not revise retail fuel prices.
Diesel price has extended its gap with petrol across the country with oil marketing companies cutting its retail price again while keeping petrol price steady.
Petrol prices were revised on August 16 after a long pause. Since, then there has been a consistent increase in petrol rates.
In the national capital, petrol prices rose for third consecutive day on Tuesday by 17 paisa to Rs80.90 a litre. Pump prices of petrol rose by 14 paisa a litre on Sunday breaking a 47-day pause since June 29.
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