Fuel prices hit all-time high, petrol Rs 86.56 per litre in Mumbai

Fuel prices hit all-time high, petrol Rs 86.56 per litre in Mumbai

In Mumbai, a litre of diesel costs Rs 75.54 per litre while in Delhi it is Rs 71.15. On that day, the rate in Mumbai was Rs 86.24 per litre.

Prices of both petrol and diesel touched an all-time high figure following a 31 paise hike in fuel prices by oil marketing companies today. In Chennai, petrol costs Rs 82.24 while it is Rs 82.06 in Kolkata.

In Delhi, the fuel is cheapest among all metros and most state capitals in comparison to other cities due to lower sales tax or VAT.

Fuel prices have continued to march upwards touching new all-time highs on Monday. This is the steepest increase in fuel prices since the daily revision in fuel prices was introduced in mid-June 2017. In Kolkata and Chennai, petrol rules at 82.06 and Rs 82.24 respectively and diesel at Rs 74.00 and Rs 75.19, respectively.

A break-down of fuel pricing in Delhi, according to the International Olympic Committee chart below, shows that at the exchange rate of Rs 69.76 against the U.S. dollar, as on August 27, the levies on petrol, including excise duty imposed by the centre, state value-added tax (VAT) and dealer commissions accounted for more than the cost of the fuel itself, or about 51% of the price that a buyer pays for a litre of petrol. The prices of PNG were raised by Rs 1.11 per standard cubic meter, costing now at Rs 28.25 per scm, while same in Noida, Greater Noida and Ghaziabad would be Rs 30.10 per scm, which has been increased by Rs 1.26 per scm.

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The exchange rate has fallen to a record Rs 71 to a dollar, depreciating Rs 2.5 in a month.

These prices vary significantly from state to state depending on various tax levies and cess.

The continuing decline in the Indian rupee has affected prices.

Global crude oil prices have been hovering around $75 per barrel for quite some time due to several global factors, including a cut in oil production and U.S. sanctions against Iranian oil import.

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