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new Delhi17 days ago
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The price of petrol in Delhi has reached an all-time high. Petrol became expensive by 23 paise to Rs 84.20 per liter on Thursday. Earlier on 4 October 2018, the price of petrol went up to Rs 84 per liter.
Diesel has also become costlier by 26 paise to 74.38 rupees in Delhi. However, it is not recorded. The record price of diesel in Delhi is Rs 75.45. This record was also made on 4 October 2018. Diesel has set a record in Mumbai. There, the price has increased 26 paise to 81.07 rupees.
Prices in other metros also reached near record levels
Petrol has become expensive in other metros of the country. Prices there have not reached record levels, but are around it. Petrol in Mumbai is 90.83 liters. This is 51 paise less than the record of Rs 91.34. This record was made on 4 October 2018. The price in Chennai is 86.96 rupees. This is 37 paise below the record of Rs 87.33.
Prices did not change for 29 days before Wednesday
A day earlier, on Wednesday, petrol and diesel prices went up. After the price remained stable for 29 consecutive days, the price of petrol went up by 24 to 26 paise in different cities yesterday. Diesel was expensive by 25 to 27 paise. Earlier, the price of petrol and diesel was last increased on 7 December.
In October 2018, the government reduced excise duty, this time less hope
When petrol and diesel prices reached record highs on 4 October 2018, the government reduced excise duty on them by Rs 1.50 per liter. Government oil companies also reduced the price by one rupee. But according to sources, the government is unlikely to reduce excise right now, given the lack of funds.
The government had increased excise by Rs 13 on petrol and Rs 15 on diesel.
Last year, when crude went below $ 20, the prices of petrol and diesel were not reduced. In two installments in March and May, the government increased excise duty on petrol by Rs 13 and on diesel by Rs 15 per liter. With this, the government was expected to get an additional Rs 1.6 lakh crore for the entire year. Petrol has been costlier by Rs 14.54 and diesel by Rs 12.09 since May.
Excise is now Rs 32.98 on Petrol, Rs 31.83 on Diesel
As per information available on Indian Oil website on January 1, 2020, the excise duty per liter on petrol is Rs 32.98 and on diesel is Rs 31.83. VAT of Delhi government is Rs 19.32 on petrol and Rs 10.85 on diesel. That is, the central and state governments charge 62.5% of the price of petrol and 57.8% of diesel.
Crude oil has become costlier by $ 5 a barrel
Petrol and diesel prices in the country are linked to the global market. Oil companies say they have had to increase prices due to crude oil being expensive. India imports Brent crude. It is priced around $ 55 per barrel. It has become expensive at $ 5 a barrel in a week.
OPEC reduced production by 72 million barrels per day, making it costlier
OPEC and Russia, the organizations of the oil producing countries, met on Tuesday. In this, they have decided to continue cutting crude oil production. He reduced production by 77 million barrels a day in December. There are plans to reduce the production to 72 daily in January, 71 in February and 7 million barrels in March.
Decided to reduce production after crude prices fell
Economic activity around the world nearly stopped last year due to the Corona epidemic. This reduced the demand for crude oil and prices had come down to below $ 20. In order to increase prices, OPEC and its partner countries decided to reduce production.