Petrol and diesel prices hike as the international oil prices have increased on a daily basis.
On Wednesday, January 13, the price of petrol reached a new value making it the highest price of petrol to date in Delhi. The price of petrol in the national capital is now INR 84.45/L. The price of petrol in Mumbai has increased and the value has reached INR 91.07/L. According to a notification from some of the oil marketing companies, the prices of both, diesel and petrol were hiked by 25 paise each. The petrol and diesel prices have now reached a maximum amount compared to their previous rates in Mumbai and Delhi, respectively.
Bharat Petroleum Corporation Ltd., Indian Oil Corporation Ltd., and other state-owned fuel retailers like Hindustan Petroleum Corporation Ltd., continued with their daily price revision after a long break on January 6. For two days continuously, the rates of petrol hiked totaling 49 paise and the rate of diesel hiked totaling 51 paise. This happened after the international oil prices increased for the seventh day. US West Texas Intermediate (WTI), was up 1.3 percent reaching USD 53.88 per barrel and on the other hand, Brent crude hiked by 79 cents reaching USD 57.37. Since February 2020, before the worldwide spread of the coronavirus outbreak that forced lockdowns in several countries, both the companies are trading at their highest prices.
Earlier, the highest ever price per liter of petrol and diesel in Delhi of INR 84/L and INR 75.45/L respectively was reached on October 4, 2018. Similarly, in Mumbai, the highest ever rate of petrol was INR 91.34/L, on the same day in 2018.
Excise duty reaches a total of INR 32.98 per liter in petrol and INR 31.83 per liter in diesel. In addition to this, VAT in Delhi reaches a total of INR 19.32 per liter on petrol and INR 10.85 per liter on diesel.
According to the price notifications of several oil companies, the price of diesel and petrol has increased by INR 12.34/L and INR 14.79/L respectively since May 2020.