Oil marketing companies again increase fuel prices

   2018-10-06       64        Business
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State owned oil marketing companies (OMCs) have again increased the price of sensitive petroleum products like petrol and diesel in the country on Sunday.
The prices of petrol and diesel touched a new high on Sunday with Mumbai paying the maximum among the four metros.

While petrol costs ₹ 90.84 a litre in Mumbai , it costs ₹ 83.49 a litre in Delhi, ₹ 85.30 a litre in Kolkata and ₹ 86.80 a litre in Chennai, according to the daily price notification issued by OMCs.

Similarly, diesel prices were increased to ₹ 79.40 a litre in Mumbai, ₹ 74.79 a litre in Delhi, ₹ 76.64 a litre in Kolkata and ₹ 79.08 a litre in Chennai.

In Maharashtra's Parbhani district, petrol is being sold for ₹ 92. 58 a litre and diesel touched a new high of ₹ 79.86 a litre, the highest in the country.

The petrol prices has gone up about 8 per cent while diesel prices has gone up by 10 per cent since August 1, 2018.

The price build-up of petrol in Delhi as on September 24, includes excise duty of ₹19.48, dealer commission of ₹3.66, and VAT of ₹17.59 (including VAT on dealer commission).

Similarly, the price build-up of diesel in Delhi includes excise duty of ₹15.33, dealer commission of ₹2.52, and VAT of ₹10.87 (including VAT on dealer commission).

The fuel prices are likely to go up further as price of Brent oil was still hovering over $82 a barrel while Indian Rupee was pegged to 72.5 per US Dollar.

India imports about 80 per cent of its crude oil, and the falling Indian rupee will make the imports costlier and lead to a rise in fuel prices.

State-owned oil firms had in mid-June last year dumped the 15-year practice of revising rates on the first and 16th of every month.

India imported crude oil worth ₹ 2,640,30 crore (over $39 billion) between April and July 2018, according to the data by the Petroleum Planning and Analysis Cell.

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India imports about 80 per cent of its crude oil, and the falling Indian rupee will make the imports costlier and lead to a rise in fuel prices.

State-owned oil firms had in mid-June last year dumped the 15-year practice of revising rates on the first and 16th of every month.

India imported crude oil worth ₹ 2,640,30 crore (over $39 billion) between April and July 2018, according to the data by the Petroleum Planning and Analysis Cell.

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