Diesel price scaled to a new high after prices were hiked for the 22nd time in just over three weeks. Petrol price has now increased by 5 paise a litre and diesel 13 paise a litre across the country by state oil marketing companies.

In Delhi, petrol price per litre was raised to Rs.80.43 as compared to Rs 80.38 earlier. Meanwhile, diesel price has been increased to Rs.80.53 a litre from Rs Rs.80.40.
In Mumbai, petrol price went up from Rs.87.14 per litre to Rs.87.19, while diesel was hiked to Rs.78.83 from Rs.78.71.

Rates differ from state to state depending on the incidence of value-added tax (VAT).

While the diesel price has been hiked for the 22nd time since June 7, petrol price has been raised on 21 occasions. There was no change in prices on Sunday.

The post Diesel, Petrol prices soar high appeared first on The Gulf Indians.

Prices of petrol and diesel went up on Saturday as oil companies continued to fuel rates in the line with costs.

According to a price notification of state oil market companies, petrol price has been increased by 25 paise per liter and diesel 21 paise per litre in Delhi. The price of brent crude oil stands at $41.02.

Customers will have to pay Rs 80.38 for every litre of petrol and Rs 80.40 for diesel in the national capital. In Mumbai, petrol will cost Rs 87.14 per litre and diesel Rs 78.71 per litre.

Opposition parties have been attacking the government over the fuel price hike and the Congress is planning a mass protests across the country on Monday over the “unprecedented” rise in petrol and diesel prices.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or value-added tax (VAT).Taxes make up for nearly two-thirds of the retail selling price.

As much as Rs 50.69 per litre or 64% in petrol price is due to taxes—Rs 32.98 is the central excise duty and Rs 17.71 is local sales tax or VAT.

In the case of diesel, over 63% of the retail selling price is taxes. Out of the total tax incidence of Rs 49.43 per litre, Rs 31.83 is by way of central excise and Rs 17.60 is VAT.

The post Petrol, diesel prices go up again appeared first on The Gulf Indians.

The fuel prices are constantly increasing day by day. On Thursday,for the 19th day , oil marketing company hiked the price of petrol by 16 paise a litre along with the Diesel price increasing by 14 paise per liter.

Rates differ from state to state depending on the incidence of value added tax (VAT). However, the price of diesel is higher than petrol only in the national capital after the state government increased VAT on the fuel sharply last month. “The Delhi government had increased VAT on petrol from 27 per cent to 30 per cent and that on diesel from 16.75 per cent to 30 per cent on May 5,” said Chairman of state-run Indian Oil Corp (IOC), Sanjiv Singh.

Now after the increase, petrol prices crosses Rs 79.92 in Delhi while diesel mark at 80 rupee. In Mumbai, the price of petrol touched Rs 86.7 a litre and diesel went up to Rs 78.34 a litre. In Kolkata, the prices were at Rs 81.61 a litre and Rs 75.18 a litre, respectively.The price of crude oil stands at $40.31.

Oil marketing companies did not revise the prices for 83 days due to the lockdown. They started to revise the fuel prices from June 8.

The post Diesel price crosses Rs 80 mark in the national capital, petrol at Rs 79.92 appeared first on The Gulf Indians.

For the first time, diesel price in India has surpassed the petrol as fuel rate hiked for the 18th day in a row on Wednesday. The diesel price was hiked by 45 paise while there was not a hike in petrol by price. Diesel will cost Rs 75.62 per litre and petrol Rs 80.69 per litre on Wednesday.In this current hiking, the domestic rates of auto fuels may soon cross the Rs.80 liter. International benchmark Brent crude has surged $42.03.The increase in rates started since June 7.

The post Fuel Price hiked 18th day in a row appeared first on The Gulf Indians.

Diesel price on June 21 hit a fresh record high after rates were hiked by 60 paise a litre while petrol price was up 35 paise, taking the cumulative increase in rates in 15 days to Rs.8.88 a litre and Rs.7.97 respectively.
Petrol price in Delhi was hiked to Rs.79.23 a litre from Rs.78.88, while diesel rates were increased to Rs.78.27 a litre from Rs.77.67, according to a price notification of state oil marketing companies.
Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.
Taxes make up for nearly two-thirds of the retail selling price. As much as Rs.50.69 per litre, or 64 per cent, in petrol price is due to taxes – Rs.32.98 is the central excise duty and Rs.17.71 is local sales tax or VAT.
Over 63 per cent of the retail selling price of diesel is taxes. Out of the total tax incidence of Rs.49.43 a litre, Rs.31.83 is by way of central excise and Rs.17.60 is VAT.
Petrol in Mumbai costs Rs.86.04 a litre and diesel is priced at Rs.76.69.
The 15th daily increase in rates since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to fresh highs. Petrol price too is at a two-year high.
Prior to the current rally, the peak diesel rates had touched was on October 16, 2018 when prices had climbed to Rs.75.69 a litre in Delhi. The highest-ever petrol price was on October 4, 2018 when rates soared to Rs.84 a litre in Delhi.
When rates had peaked in October 2018, the government had cut excise duty on petrol and diesel by Rs.1.50 per litre each. State-owned oil companies were asked to absorb another Re.1 a litre to help cut retail rates by Rs.2.50 a litre.
Oil companies had quickly recouped the Re 1 and the government in July 2019 raised excise duty by Rs.2 a litre.
The 82-day freeze in rates this year was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.
The government on March 14 hiked excise duty on petrol and diesel by Rs.3 a litre each and then again on May 5 by a record Rs.10 a litre in case of petrol and Rs.13 on diesel. The two hikes gave the government Rs.2 lakh crore in additional tax revenues.
Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices to two-decade lows.
International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them. In 15 hikes, petrol price has gone up by Rs.7.97 a litre and diesel by Rs.8.88 a litre.

The post Diesel price hits record high after rates hiked for 15th day in a row appeared first on The Gulf Indians.