Petrol price hits Rs 75 per litre mark, diesel crosses Rs 66
Business | December 09, 2019 16:23 ISTThe increase pushed price of petrol to Rs 75 per litre in the national capital and that of diesel to Rs 66.04 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.
In the past month, petrol and diesel rates have come down by Rs1.50/litre, giving a slight relief to the consumers.
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.
Analysts have warned that the style of the attacks on Saudi Aramco's Abqaiq and Khurais oil facilities may add a permanent risk premium to oil and gasoline prices.
Discussion to bring petrol and diesel prices under GST in again on the peak. According to reports, trade association 'Associated Chambers of Commerce and Industry of India' or ASSOCHAM has demanded to include petroleum products and stamp duty in GST. If the government considers the recommendation of ASSOCHAM and petroleum products are included in the GST, then the price of petrol and diesel can witness a huge reduction.
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.
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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.
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.
The application, filed on the pending public interest litigation, claimed the pricing of petrol is a policy matter involving larger economic issues and that the government should fix a "fair price" of petrol and diesel.
However, WPI inflation on manufacturing products increased from 4.26 per cent to 4.43 per cent.
BSP chief Mayawati attack BJP over fuel hike issue
Rajasthan Chief Minister Vasundhara Raje announced 4 per cent reduction in VAT (value added tax) on petrol and diesel.
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