Petrol prices now below Rs 75 in Bengaluru, Rs 80 in Mumbai. Check today’s rates in other cities
Petrol prices today retailed at Rs 74.07 in Delhi, Rs 76.06 in Kolkata, Rs 79.62 in Mumbai and Rs 76.88 in Chennai
New Delhi: Petrol and diesel prices continued to be on a downward trend, tracking a fall in global oil prices. Petrol and diesel prices were today cut by 40 to 44 paise a litre in top cities, bringing further relief to consumers. Petrol prices today retailed at Rs 74.07 in Delhi, Rs 76.06 in Kolkata, Rs 79.62 in Mumbai and Rs 76.88 in Chennai. Diesel rates also saw a big cut today. Diesel prices today retailed at Rs 68.89 in Delhi, Rs 70.74 in Kolkata, Rs 72.13 in Mumbai and Rs 72.77 in Chennai. In Bangalore, petrol and diesel rates today retailed at Rs 74.65 and Rs 69.25, respectively.
With today’s price cut, petrol and diesel prices are down about Rs 5 to Rs 6 per litre so far this month. And compared to October 4 highs, diesel prices are down between Rs 6.5 to Rs 7 per litre in top cities. Similarly, petrol rates are down close to Rs 10 to Rs 11.7 per litre. Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to an all-time high of Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.
Global oil prices have fallen sharply in recent days amid concerns over a supply glut. International Brent crude oil futures dropped below $60 per barrel, pulled down by record Saudi Arabian production even as OPEC’s top producer pushes for supply cuts ahead of the group’s meeting in Austria next week.
Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73. On that day, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise prices by another Re 1 a litre by reducing their margins. Many states also matched that with a reduction in local sales tax or VAT.
The retail selling price of petrol and diesel in India is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of country’s requirement is met through imports.
Apart from these factors, excise duty, VAT and dealer margin determine the final price the consumer pays at the pump in India. For example, based on 19 November diesel price in Delhi of Rs 71.39 , the price charged to dealers by the company excluding VAT and excise duty was Rs 44.52, according to oil retailer Indian Oil’s website. The excise duty component was Rs 13.83, dealer commission Rs 2.55 and VAT Rs 10.49.
(With Agency Inputs)
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