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Last Updated : Sep 28, 2018 02:23 PM IST | Source: Moneycontrol.com

Petrol soars to Rs 90.57/litre in Mumbai, Rs 83.22/litre in Delhi

The BJP-led Maharashtra government said the state would lose Rs 2,200 crore of revenue per year if it slashes prices of petrol and diesel by Rs 1 per litre

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Fuel prices continued to rise across the country on September 28. The price of petrol in Mumbai increased by 22 paise to Rs 90.57 per litre, while that of diesel rose by 19 paise to Rs 79.01 per litre. In Delhi, prices of petrol and diesel price were hiked by 22 paise and 18 paise, respectively. Petrol now costs Rs 83.22 per litre, while diesel is priced at Rs 74.42 per litre, according to Indian Oil Corporation (IOC).

Chennai witnessed a petrol price hike of 23 paise and diesel price hike of 20 paise. The two fuels now cost Rs 86.51 per litre and Rs 78.69 per litre, respectively, in the city. 

Read — Fact check | Are interest payments on UPA-era oil bonds responsible for high fuel prices?

Kolkata too witnessed similar hikes in prices of petrol and diesel. The price of petrol was raised by 21 paise to Rs 85.03 per litre, while that of diesel was raised by 18 paise to Rs 76.27 per litre.

The price of petrol and diesel in other cities:

City Petrol price Price change (increase) Diesel price Price  change (increase)
  (Rs/litre (in paise) (Rs/litre) (in paise)
Bangalore 83.88 22 74.80 18
Bhopal 88.99 22 78.41 19
Hyderabad 88.23 24 80.95 20
Lucknow 82.53 17 74.54 18
Port Blair 71.58 19 69.60 16

In Patna, prices of petrol and diesel were down by 21 paise and 20 paise, respectively. Petrol now costs Rs 89.37 per litre in the city, while diesel costs Rs 80.09 per litre.

On September 27, the city had witnessed hikes of 58 paise and 54 paise, respectively, in petrol and diesel prices.

Amid growing pressure to bring down fuel prices, the BJP-led Maharashtra government said the state would lose Rs 2,200 crore of revenue per year if it slashes prices of petrol and diesel by Rs 1 per litre. 

The price of petrol has crossed the Rs 90-mark in more than 20 of Maharashtra's 36 districts.

Read — Northern states agree to fix uniform tax rates on fuel

Petroleum Minister Dharmendra Pradhan on September 26 blamed global factors for the increase in prices of petroleum products. He said reducing taxes on these items would not have any lasting impact because crude oil prices were still quite volatile. 

"The basic problem is that crude prices are volatile. The effect of any measures, including a reduction in value added tax (VAT) by the states and the Excise duty by the Centre will not last long due to the volatility in crude prices," Pradhan said.

However, the minister also said that higher fuel prices are a matter of concern and that the government is finding ways to offer some relief to the public.

The Centre currently levies an excise duty of Rs 19.48 per litre on petrol and Rs 15.33 per litre on diesel.

In addition to this, various states levy VAT on the two fuels. Mumbai has the highest VAT -- 39.12 percent -- on petrol, while Telangana levies the highest VAT -- 26 percent -- on diesel.

With PTI inputs
First Published on Sep 28, 2018 09:26 am
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