Petrol Prices Rise To Rs 80 in Mumbai, Rs 72 In Delhi

Marco Green
January 23, 2018

In Kolkata it cost Rs 74.94 and marginally less Rs 74.91 in Chennai.

It is the first time petrol price touching Rs 80 since August 2014 in Mumbai.The fuel prices rose as worldwide crude prices witnessed an upswing due to global geopolitical risks and higher demand, together with a cut in production by oil-producing countries. Earlier, the prices of petrol and diesel changed fortnightly every month. Now the prices of diesel and petrol are revised on a daily basis.

Price rise of petrol and diesel, which hit highs in recent weeks, was also a matter raised by Chidambaram.

The petrol and diesel prices do not come under the GST.

While the government seems to be in no mood to relax excise duty on fuels, it is weighing the option of bringing petrol and diesel under the Goods and Services Tax (GST), which could bring down prices to some extent. The Congress had demanded that petroleum projects be brought under the GST ambit. In Faridabad, petrol costs Rs73 while in Gurgaon it has been priced at Rs 72.77, in Noida Rs 73.98 and in Ghaziabad Rs 73.87, according to the International Olympic Committee website.

On 18 January, oil minister Dharmendra Pradhan had told the PTI that his ministry was remaining non-committal on cutting excise duty on petrol and diesel, which have touched record highs, saying merely that the government is keeping a close watch on the situation. The price of petrol in Mumbai today was Rs 80.25 per litre, 15 paise higher than what it was yesterday, while in Delhi, it was Rs 72.38 per litre. Since previous year, the oil companies are changing petrol and diesel prices everyday after the new dynamic system of fuel prices was introduced. Prices today stood at United States dollars 68.89 a barrel, up 0.4 per cent from their last close, albeit much lower than the January 15 peak of USD 70.37. Diesel in Mumbai retail outlets was selling at Rs67.10 today. "Some others are yet to do that". The exorbitant cess imposed by certain states, likes Maharashtra, further adds to the cost.

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