Petrol And Diesel Prices In Metro Cities Rise After 48 Days On November 20thNovember 20, 2020 07:09
(Image source from: zeenews.com)
On Friday, there was a rate revision on the Petrol and diesel prices after state-run oil marketing companies hiked their fuel prices. Over the last 48 days, these prices didn’t change.
Based on the incidence of VAT, rates of the petrol prices increased in every state. Nearly two-third of the retail selling price goes on tax.
There has been a difference in petrol and diesel prices in four metro cities.
In Delhi, petrol prices increased by 17 paise to Rs 81.23 per litre and diesel prices increased by 22 paise to Rs 70.68 per litre.
In Mumbai, petrol prices increased to 87.92 per litre and diesel prices increased to 77.11.
In Chennai, petrol prices increased to 84.31 per litre and diesel prices increased to 76.17.
In Kolkata, petrol prices increased to 82.79 per litre and diesel prices increased to 74.24.
In September, since mid-March, when Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) reduced their prizes for 82 days to adjust the hike in excise duty on auto fuels against falling benchmark cost, diesel prices had seen the first reduction.
When oil firms had started changing prices in line with cost, the diesel rates had gone up by Rs 12.55 a litre, this happened between June 7th and July 25th.
Since July 25th, in India, diesel prices have remained as it is with Delhi being an exception, the reduction in VAT decreased the rate to Rs. 8.38 per litre.
Between June 7 and June 29, the petrol prices went up by Rs. 9.17 per litre
On August 16, this revision cycle started and the rates increased to Rs.1.51 since then. Since June 7th, in all, the petrol price has risen by Rs 10.68.
Based on the average price of benchmark fuel in the preceding 15 days, all the State-owned fuel retailers revise rates of petrol and diesel on a daily basis.
On Friday, the US oil prices reduced as concerns scaled up increasing the demand from the surge in COVID-19 infections forcing new lockdowns. However, prices were supported by signs of movement on a stimulus deal in Washington.
By Neha Makhija