New Delhi: Petrol and diesel prices continued to remain on an upward trend, with rates going up for the second day in a row. Petrol prices were raised by 9-10 paise a litre while diesel rates were hiked by 7-8 paise a litre. Petrol today retailed at ₹ 70.63 a litre in Delhi, ₹ 72.71 in Kolkata, ₹ 76.25 in Mumbai, ₹ 73.29 in Chennai and ₹ 71.2 in Bengaluru. Diesel was being sold at ₹ 64.54 a litre in Delhi, ₹ 66.3 in Kolkata, ₹ 67.55 in Mumbai, ₹ 68.14 in Chennai and ₹ 64.9 in Bengaluru.
Petrol and diesel prices in India are broadly dependent on global crude prices and rupee-US dollar exchange rate. Both the crude oil prices and the rupee have remained in a narrow range in recent days. The rupee had closed 37 paise higher at 71.19 against US dollar on Monday. Meanwhile, global crude prices have fallen for a third day in a row on concerns over future oil demand amid forecast of weakening global economic growth. Global benchmark Brent crude oil futures were at $58.62 per barrel.
Global oil prices have fallen over 30% since early October. The recent supply curbs agreed by OPEC and its Russia-led allies might not bring about the desired results, analysts say.
In India, when global oil prices had hit four-year highs of $86 a barrel in October, petrol prices had a hit a record high of ₹ 84 per litre in Delhi and ₹ 91.34 in Mumbai. Diesel had also peaked at an all-time high of ₹ 75.45 a litre in Delhi and ₹ 80.10 in Mumbai.
Since then, petrol and diesel prices have fallen sharply in India. Compared to October 4 highs, petrol prices are down about ₹ 13 to ₹ 15 a litre in top cities. Similarly, diesel prices are off ₹ 11 to ₹ 13 a litre.
Besides global oil price and rupee-dollar exchange rate, central and state-level taxes also determine the final price what consumers pay at the pump. For example, based on November 19 retail selling price of petrol of ₹ 76.52 in Delhi on November 19, this is the break-up of prices according to Indian Oil website: Price charged to dealers (excluding excise duty and VAT) ₹ 38.63, excise duty ₹ 17.98, dealer commission ₹ 3.64 and VAT ₹ 16.27.