Petrol and diesel soar to record high; check prices here

Fuel prices touched the highest-ever levels across the country on Friday. Oil marketing companies hiked the fuel rates once again by 35 paise a litre for the second consecutive day.

With this, the price of petrol in the national capital rose to Rs 105.14 a litre and Rs 111.09 per litre in Mumbai

State-owned retailers issued a price notification that showed that diesel rates in Mumbai had now touched Rs 101.78 a litre whereas, in Delhi, the fuel would now cost Rs 93.87.

Hopes of a fuel rate reduction that had arisen after the rates were untouched on October 12 and 13 have effectively been dashed. 

Many parts of the country, including Maharashtra, Chhattisgarh, Madhya Pradesh, Rajasthan, Gujarat, Bihar, Odisha, Andhra Pradesh, Telangana,  Kerala and Karnataka, now sell petrol at above Rs 100-a-litre mark. In some states like Maharashtra, even diesel rates have crossed the three-figure mark.

Petrol Prices in Metros (per litre)

Chennai
Rs 102.40

Delhi
Rs 105.14

Kolkata
Rs 105.76

Mumbai
Rs 110.75

Diesel Prices in Metros (per litre)

Chennai
Rs 98.26

Delhi
Rs 93.87

Kolkata
Rs 96.98

Mumbai
Rs 101.40

Facing flak over the constant upward revision of the fuel prices, the Centre has time and again said that the excise duty rates on petrol and diesel were set in such a way that it generates resources for infrastructure and expenditure in line with the prevailing fiscal situation.

In fact, Union Minister for State of Petroleum and Natural Gas Rameswar Teli recently linked the high fuel prices to the free Covid-19 vaccines being provided to citizens. 

He said that the money collected was being used to reimburse the government for money spent on providing free Covid-19 vaccination to citizens.

Meanwhile, some have claimed that the fuel prices would come down only if the central government leaves out the cess on petrol and diesel.

The Congress party has blamed the Centre's 2014 decision that allowed oil marketing companies to determine the price of petrol and diesel. These companies rework fuel rates based on the average price of benchmark fuel in the international market in the preceding 15-days. The daily revision is also dependent on foreign exchange rates.

Oil companies blamed the price escalation of the international benchmark Brent crude, which is now trading at $84.61 per barrel as compared to $73.51 a month ago.

Prices vary from state to state depending on local taxes. Since September, petrol prices have gone up on 14 occasions while diesel prices have been revised 17 times.

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