Petrol and diesel in Karnataka will cost more from April 1, as the state budget for fiscal 2020-21 has proposed 3 per cent increase in VAT on both the most consumed fuels, Chief Minister B.S. Yediyurappa said on Thursday.
Some relief for consumers as fuel prices fell on Sunday after rise for three consecutive days. The price of petrol fell by 10-12 paise a litre while that of diesel by 6-7 paise per litre in all major cities across the country.
In Delhi, the price of petrol increased to Rs 75.04 per litre.
The increase pushed price of petrol to Rs 75 per litre in the national capital and that of diesel to Rs 66.04 per litre.
In the last three days, petrol became costlier by 34 paise in Delhi while diesel became cheaper by 11 paise in just two days.
As per the Indian oil website, the petrol rates in Delhi, Kolkata, Mumbai and Chennai were Rs 74.20/litre, Rs 76.89/litre, Rs 79.86/litre and Rs 77.13/litre respectively. The diesel prices were Rs 65.84/litre, Rs 68.25/litre, 69.06/litre and 69.59/litre respectively.
The Brent crude oil rates were on its highest in the last two months and have increased by $2 a barrel.
The fuel price has seen a decline for the past two days and in Delhi petrol rates have come down by 28 paisa/litre and diesel by 14 paisa/litre.
Petrol price in Delhi was cut to Rs 69.04 per litre from Rs 69.26 while diesel rates came down to Rs 63.09 from Rs 63.32 a litre, according to the price notification of state-owned oil firms.
In the national capital, petrol was sold at Rs 70.07, down from Rs 70.27 per litre on Saturday, according to data on the Indian Oil Corp's website.
Experts say the US is increasing pressure on Saudi Arabia and OPEC to not cut production, as the Saudis had indicated they would, at their meeting on December 6.
According to the government data released Wednesday, food articles witnessed softening of prices with deflation at 1.49 per cent in October, against 0.21 per cent September.
A litre of diesel cost 12 paise more than that of petrol in Bhubaneswar on Sunday with diesel being sold at Rs 80.69 per litre while petrol cost 80.57 per litre.
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The Centre on October 4 announced a Rs 2.50 per litre cut in petrol and diesel prices after it reduced excise duty by Rs 1.50 a litre.
Oil marketing companies to absorb Re 1 per litre on petrol and diesel, taking relief to Rs 2.50 per litre, says Finance Minister Arun Jaitley.
In Delhi, petrol was being sold at Rs 81.00 per litre and diesel at Rs 73.08 per litre. While petrol prices were hiked by 13 paise, diesel saw a change of 11 paise.
Despite the fuel prices touching a new high every other day, the government seems to be non-committal on cutting excise duty to bring the spiralling petrol, diesel prices under control.
In New Delhi, petrol prices were hiked by 16 paise to trade at Rs 79.31 per litre, while diesel is being sold 19 paise higher at Rs.71.34 per litre.
n Delhi, the diesel prices have been increased to Rs 69.32 per litre, while the fuel can be purchased at Rs 73.01 per litre in Mumbai.
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