Lagatar Desk
New Delhi, Nov.2: Petrol prices have been raised for the seventh time in a row on Tuesday (Nov 2), driving rates to new highs across the country. State-run oil marketing corporations (OMCs), on the other hand, have maintained diesel prices across the country. According to data from the Indian Oil Corporation (IOL) website, petrol prices in Delhi were raised by 35 paise today, while diesel prices remained steady.
In the national capital region, petrol and diesel are currently priced at Rs. 110.04 per litre and Rs 98.42 per litre, respectively. Diesel prices have been raised in Delhi for 30 of the last 39 days, increasing the retail price by Rs 9.80 per litre.
After a 34-paise increase over Monday’s cost, people in Kolkata will have to pay Rs 110.49 for a litre of fuel. The price of diesel remained unchanged at Rs 101.56 a litre. In Mumbai, the price of petrol and diesel at the pump is Rs 115.85 (35 paise more) per litre and Rs 106.62 (unchanged).
The price of a litre of petrol in Chennai has reached a new high of Rs 106.66, while the price of a litre of diesel has remained unchanged at Rs 102.59. Petrol costs Rs 122.70 per litre in Sri Ganganagar, Rajasthan, which has among of the highest transportation fuel prices in the country. Diesel costs Rs 113.21 per litre.
The recent round of raises has been linked mostly to the international market’s soaring Brent crude oil price. Oil prices hit multi-year highs last week, boosted by a post-pandemic resurgence in demand and the Organization of Petroleum Exporting Countries (Opecdecision )’s to maintain a monthly production rise despite increased demand from key customers.
It’s worth noting that in October, demand for petrol increased by 3.9 percent over the previous year, while demand for diesel fell by 5.1 percent. OMCs modify the retail prices of motor fuels on a daily basis, according to the daily pricing method. Furthermore, because India imports about 82 percent of its fuel, petrol and diesel prices are influenced by Brent crude oil prices.
The cost of motor fuel varies by state due to the impact of local taxes such as VAT (value-added tax) and freight charges. It’s worth noting that federal and state taxes account for more than 61% of the price of gasoline at the pump and around 56% of the price of diesel. The excise duty on petrol is Rs 32.9 per litre and on diesel is Rs 31.80 per litre, according to the Union government.
