Fuel Prices Continue To Rise: Check Latest Rates Of Petrol, Diesel

Irving Hamilton
September 16, 2018

The Brent crude oil is now priced over $78 per barrel.

Petrol and diesel prices surged again on Sunday as oil companies once again hiked fuel rates across metro cities. Likewise, it increased by Rs 0.19/litre in Mumbai to touch Rs 78.26/litre. Petrol is retailing at a price of Rs 83.76 per litre in Kolkata today, according to a price notification of state-owned fuel retailers.

The fuel prices also include excise duty of Rs 15.33 per litre on diesel and Rs 19.48 on petrol.

On Saturday, petrol prices were Rs 81.63 per/ litre in New Delhi and Rs 89.01 per/litre in Mumbai.

Fuel prices have been on a rise since mid-August, rising nearly every day due to a combination of a drop in rupee value against the U.S. dollar and the rise in crude oil prices. Depreciation in the rupee against the U.S. dollar makes the import of crude oil dearer as the transaction takes place with dollars.

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In the other key cities of Delhi and Chennai too, petrol prices climbed fresh highs of Rs 81.63 and Rs 84.85, against the previous levels of Rs 81.28 and Rs 84.49 per litre respectively.

The petrol prices has gone up about 6 per cent while diesel prices has gone up by 8 per cent in the last one month. After that, the state Value Added Tax (VAT) is also added to the prices of fuel.

Similarly, the price build-up of diesel in Delhi includes excise duty of ₹ 15.33, dealer commission of ₹ 2.52, and Value-Added Tax of ₹ 10.70 (including Value-Added Tax on dealer commission). The diesel touched Rs 73.72/litre, up 18 paise for a litre from September 15. Mumbai has the highest rate of VAT or sales tax in the country.

Globally, oil prices pulled back on Friday on concerns additional USA tariffs would be placed on Chinese imports, after an earlier rally triggered by worries that more sanctions on Iran might constrict supply.

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