Fuel prices all time high: Petrol at Rs 80.87/litre in Delhi, Rs 88.26/litre in Mumbai

Petrol and diesel prices saw a hike for the sixth straight day on Tuesday as oil marketing firms again revised fuel prices across the country.

Bharat Bandh Protest over rising Fuel Price: Petrol prices were hiked by 14 paise in both Delhi and Mumbai, while diesel saw an increase of 14 paise in Delhi and expanded by 15 in Mumbai.

Petrol now costs Rs 80.87 per litre, up from Rs 80.73, in Delhi and Rs 88.26 per litre, up from Rs 88.12, in Mumbai. Similarly, Diesel prices have been increased from Rs 72.83 to Rs 72.97 per litre in Delhi and from Rs 77.32 to Rs 77.47 in Mumbai.

Rising fuel prices in the country have been an issue of friction between the government and the opposition parties for the past couple of days.

Opposition parties are demanding a cut in the excise duty on petrol and diesel and bringing fuel under the ambit of GST.

At least 20 Opposition parties led by Congress staged a Bharat Bandh across the country to protest against the rising fuel prices and falling value of the rupee.

Opposition parties like the Janata Dal-Secular (JD-S), Samajwadi Party (SP), Bahujan Samaj Party (BSP), Dravida Munnetra Kazhagam (DMK), Rashtriya Janata Dal (RJD), Nationalist Congress Party (NCP) and Maharashtra Navanirman Sena (MNS), led by the Congress party, took part in the protests. Left parties staged a separate shutdown of their own.

Fuel Prices Scaling new heights

Petrol

City	New rates (Rs)	Previous rates (Rs) (on Sep. 10)	Hike (paise)
Delhi	80.87	80.73	14
Mumbai	88.26	88.12	14

Diesel

City	New rates (Rs)	Previous rates (Rs) (on Sep. 10)	Hike (paise)
Delhi	72.97	72.83	14
Mumbai	77.47	77.32	15

↓↓↓ Check other city fuel prices ↓↓↓

Petrol and Diesel Price

Diesel at record high of Rs 69.46 a litre, petrol inches towards Rs 78 mark

The increase pushed diesel price to its highest ever level of Rs 69.46 a litre in Delhi. In Mumbai, the fuel now costs Rs 73.74 a litre.

Latest News: Diesel prices today hit a record high of Rs 69.46 per litre while petrol rates inched towards Rs 78 a litre mark after a fall in rupee made imports costlier.

Diesel price was today hiked about 14 paise per litre and petrol by 13 paise, according to price notification of state-owned fuel retailers.

The increase pushed diesel price to its highest ever level of Rs 69.46 a litre in Delhi. In Mumbai, the fuel now costs Rs 73.74 a litre.

Fuel prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT. Diesel price had previously hit its highest level on May 29 when it reached Rs 69.31 a litre mark in Delhi.

Petrol and Diesel Price 

Petrol in Delhi today costs Rs 77.91 per litre, and Rs 85.33 in Mumbai. The rates are however lower than the peak hit on May 29 when they touched Rs Rs 78.43 a litre in Delhi and Rs 86.24 in Mumbai.

Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar. The domestic unit hit a record low of 70.32 in early trade that day.

Petrol price has risen by Rs 0.77 a litre in Delhi in last 12 days. Diesel rates have gone up by Rs...continue reading

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News Source: BS

 

Petrol price cut, Diesel unchanged: Check today’s rates in state capitals

Fuel prices in the country are largely determined by global crude oil prices, which have been on a downward trajectory for nearly a month now.

 

Fuel Prices Today : Petrol prices, after remaining steady for three consecutive days, were cut by 8-12 paise in Delhi, Kolkata, Mumbai and Chennai on Tuesday. Diesel prices, however, remained unchanged.

According to prices announced by Indian Oil Corp (IOC) on Tuesday, petrol prices were down 8 paise to Rs 76.27 a litre in Delhi. Petrol prices in Kolkata, Mumbai and Chennai were Rs 78.94, Rs 84.06 and Rs 79.16 a litre respectively.

Here are the prices of non-branded petrol across state capitals (Rs/litre), applicable from 6:00 am June 19:

1. Agartala: Rs 72.07
2. Aizwal: Rs 72.19
3. Ambala: Rs 76.39
4. 4) Bangalore: Rs 77.51
5. Bhopal: Rs 81.86
6. Bhubhaneswar: Rs 75.09
7. Chandigarh: Rs 73.36
8. Dehradun: Rs 77.64
9. Gandhinagar: Rs 75.58
10. Gangtok: Rs 79.30
11. Guwahati: Rs 78.41
12. Hyderabad: Rs 80.79
13. Imphal: Rs 74.36
14. Itanagar: Rs 72.18
15. Jaipur: Rs 79.01
16. Jammu: Rs 78.00
17. Jalandhar: Rs 81.47
18. Kohima: Rs 74.75
19. Lucknow: Rs 77.12
20. Panjim: Rs 70.28
21. Patna: Rs 81.76
22. Pondicherry: Rs 75.07
23. Port Blair: Rs 65.76
24. Raipur: Rs 76.68
25. Ranchi: Rs 76.28
26. Shillong: Rs 75.67
27. Shimla: Rs 76.44
28. Srinagar: Rs 80.69
29. Trivandrum: Rs 79.37
30. Silvasa: Rs 74.20
31. Daman: Rs 74.12

The price of diesel was unchanged for the second consecutive day. In Delhi, Kolkata, Mumbai and Chennai, it was sold at Rs 67.78, Rs 70.33, Rs 72.24 and Rs 71.54.

Also Read → Rising Oil Prices

False Alarm! Petrol prices down by just 1 paisa to Rs 78.43/litre in Delhi

According to the Indian Oil Corporation website, petrol is now priced at Rs 78.42 per litre in Delhi. This is just 1 paisa lower than yesterday’s price.

Business News : After news of a cut in petrol prices in the morning, India’s biggest fuel retailer, Indian Oil has revealed that the announcement of a cut in prices it made earlier in the day was a mistake. It has revised the prices once again on its website.

IOCL informed ET Now that it had published wrong prices on its website earlier.

According to the Indian Oil Corporation website, petrol is now priced at Rs 78.42 per litre in Delhi. This is just 1 paisa lower than yesterday’s price.

In Mumbai, petrol will be sold at Rs 86.23 per litre.

Earlier, it was reported that Indian Oil Corp had slashed the prices of petrol by 60 paise after 16 days of price hike. The new prices had been listed on their website as well. Petrol price in Delhi was cut by 60 paise to Rs 77.83 per litre.

The same is true for prices of diesel which were first reported to be cut by 56 paise today but now stand revised to just 1 paise less than yesterday’s levels.

Looks like the joy was short lived as prices are now back to yesterday’s level.

Read More → Petrol Price in Delhi

Petrol and Diesel excise duty may be cut Rs 2-4/litre; PMO to take final call

Petroleum Minister Dharmendra Pradhan is expected to meet oil-marketing companies on Wednesday to take stock of the situation

 

Latest News : The Prime Minister’s Office (PMO) will take a final call on a cut in the excise duty on petrol and diesel, according to senior officials, with surging fuel prices creating ripples among consumers and politicians alike. The cut is likely to be in the range of Rs 2 to Rs 4 a litre, they added.

Petrol and diesel prices touched new highs of Rs 76.87 and Rs 68.08 a litre, respectively, in Delhi on Tuesday. In the Mumbai market, prices of petrol at Rs 84.70 a litre and diesel at Rs 72.48 were the highest ever.

Petroleum Minister Dharmendra Pradhan is expected to meet oil-marketing companies on Wednesday to take stock of the situation. It is likely that the government may ask Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) to freeze prices as a temporary arrangement.

“The PMO has been provided data and inputs from OMCs. For the last one week, discussions have been going on regarding an excise duty cut, and a decision is imminent,” said a finance ministry official.

Talks are also on to reimburse the dealers their commission. When the global oil prices were down, the government had hiked the excise duty on fuel nine times, between November 2014 and January 2016, but reduced it only once, in October last year.

Finance Ministry officials said Rs 130-140 billion in losses per Rs 1 cut in excise duty on petrol and diesel was expected. “A duty cut of Rs 2 will amount to Rs 260-280 billion in losses. At a cut of Rs 4 a litre, the hit could be as high as Rs 520-560 billion,” an official said.

The Centre’s budgeted estimate in revenues from petrol and diesel duties was Rs 2.43 trillion for 2018-19.A hit to revenue collections due to an excise duty cut could impact the fiscal situation this year, which has come under pressure just two months into 2018-19 because of high crude oil prices. The total fiscal deficit target for the year is Rs 6.24 trillion or 3.3 per cent of gross domestic product. Assuming all other factors, sources of revenue, and expenditure commitments remain constant, a maximum hit of Rs 560 billion could lead to a fiscal deficit of Rs 6.80 trillion, or 3.6 per cent of the 2018-19 nominal GDP projection of Rs 187.2 trillion.

Another option before the government is to convince the states on bringing petrol and diesel under the GST regime. A decision on this rests with the GST Council. “We are following international prices based on an average of the last 15 days.

We believe all petroleum products should come under the goods and services tax (GST),” said Sanjiv Singh, chairman of IOC. If prices sustain within the $60-80 a barrel mark, fuel subsidy for the financial year may exceed the budgeted Rs 250 billion. The Indian basket crude oil price was $77.04 a barrel on Tuesday. On the other hand, the Brent crude price was seen at $79.62 a barrel at one point.

Read More on → Fuel Prices in India

Excise on petrol, diesel cut by Rs 2/L; Govt may suffer Rs 26,000 cr loss

This comes at a time when diesel in Delhi scaled an all-time high of Rs 59.14 per litre

 

 

Facing public resentment over the recent spike in fuel prices, the government on Tuesday cut the excise duty on both branded and unbranded petrol and diesel by Rs 2 a litre from Wednesday. According to sources, the finance ministry was initially reluctant to reduce the duty due to revenue concerns, but relented after discussions with the petroleum ministry on implementing steps to bring down petrol prices to Rs 60-65 a litre.

While this would hit the revenues of the exchequer by Rs 13,000 crore in the second half of the current financial year at a time when the fiscal deficit has already touched 96 per cent of the Budget Estimates, consumers will get relief as the move would reduce the consumer price index (CPI)-based inflation rate by 9 basis points as a first round impact.

“(The) government has reduced the basic excise duty on petrol and diesel (both branded and unbranded) by Rs 2 a litre with effect from October 4, 2017. The revenue loss on account of these reductions will be about Rs 26,000 crore in a full year and Rs 13,000 crore in the remaining part of the current financial year,” the finance ministry announced on Twitter.

This comes at a time when diesel in Delhi scaled an all-time high of Rs 59.14 a litre, while other cities, too, saw a considerable increase in prices. The petrol price in Delhi was at a two-year high of Rs 70.88 a litre on Tuesday. Currently, taxes constitute the excise duty of Rs 21.48 a litre, 30 per cent of the price of petrol, and Rs 17.33 a litre, 29 per cent, of the price of diesel.

Devendra Pant, chief economist at India Ratings, said the move would reduce the CPI inflation rate by around nine basis points, with petrol accounting for eight basis points and diesel one basis point. The CPI inflation rate rose to 3.36 per cent in August from 2.36 per cent in July.

While the revenue loss from the excise cut for the remainder of FY18 was not very large, it would exacerbate the concerns posed by other fiscal risks, such as the decline in the surplus transferred by the RBI and the possibility of shortfalls in inflows from disinvestment, etc,.... Read Full Story