Petrol price nears Rs 80 in Delhi, diesel prices also rise for 16th consecutive day - Hindustan Times
close_game
close_game

Petrol price nears Rs 80 in Delhi, diesel prices also rise for 16th consecutive day

Hindustan Times, New Delhi | Byhindustantimes.com| Edited by: Meenakshi Ray
Jun 22, 2020 08:14 AM IST

Petrol will cost Rs 79.56 for every litre after the price was increased by 33 paise and diesel has been priced at Rs 78.85 per litre followed by a 58 paise increase in Delhi.

Petrol and diesel prices were increased on Monday, the sixteenth straight hike after state-owned oil marketing companies returned to daily reviews from June 7 following an 82-day gap.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or value-added tax (VAT).(Sanchit Khanna/HT file photo)
Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or value-added tax (VAT).(Sanchit Khanna/HT file photo)

With the latest hike, petrol price has gone up by Rs 8.30 and diesel by Rs 9.22.

Hindustan Times - your fastest source for breaking news! Read now.

Petrol will cost Rs 79.56 for every litre after the price was increased by 33 paise and diesel has been priced at Rs 78.85 per litre followed by a 58 paise increase in Delhi.

According to state-run oil marketing companies, petrol in Mumbai has been increased to Rs 86.36 per litre and diesel to Rs 77.24. In Chennai, petrol will cost Rs 82.87 per litre and diesel Rs 76.30. Petrol in Kolkata has been priced at Rs 81.27 and diesel at Rs 74.14.

Also read: Here’s how you can check the latest petrol, diesel prices in your city

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or value-added tax (VAT).

Taxes make up for nearly two-thirds of the retail selling price. As much as Rs 50.69 per litre or 64% in petrol price is due to taxes—Rs 32.98 is the central excise duty and Rs 17.71 is local sales tax or VAT.

In the case of diesel, over 63% of the retail selling price is taxes. Out of the total tax incidence of Rs 49.43 per litre, Rs 31.83 is by way of central excise and Rs 17.60 is VAT.

The daily increase in fuel rates from June 7 has taken diesel prices to fresh highs and petrol price too is at a two-year high.

The government had on March 14 increased excise duty on petrol and diesel by Rs 3 per litre each and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. They gave the government Rs 2 lakh crore in additional tax revenues.

Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices to two-decade lows.

International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.

(With agency inputs)

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On