The fuel price is at its peak in more than a year after today's hike because these price levels were last seen in October-November 2018. At that time crude oil rates were at a record high. The hike in domestic auto fuel rates is due to the excise duty hike of ₹10 per litre on petrol and ₹13 per litre on diesel in May. It is also as a result of several state governments increasing VAT or cess on fuel but the impact is now being passed on to customers.
Check the prices of major cities.
New Delhi: Petrol ₹76.26 Diesel ₹74.62
Gurgaon: Petrol ₹75.05. Diesel ₹67.45
Mumbai: Petrol ₹83.17. Diesel ₹73.21
Chennai: Petrol ₹79.96. Diesel ₹72.69
Hyderabad: Petrol ₹79.17. Diesel ₹72.93
Bengaluru: Petrol ₹78.73. Diesel ₹70.95
Last time, the fuel prices at this current level were seen in October-November 2018 when crude oil rates were at a record high, as per the Mint report. The hike in domestic fuel prices are as a result of hike in excise duty by ₹10 per litre on petrol and ₹13 per litre on diesel. Besides, several state governments had also hiked VAT or cess on fuel but its impact was immediately passed on to customers.
Global oil prices were down in wake of the resurgence in Covid-19 cases in the US. Brent crude oil rates dropped by about 2 per cent on Monday and hovering around the $38 a barrel mark.
Since March, the central government has raised excise duty twice on both the fuels along with the states increasing cess or VAT. It means that almost 70 per cent of the retail price of petrol and diesel is because of the tax component. OMCs are increasing fuel rates to make up for the losses. Meanwhile, the Congress has demanded the government to bring the fuels under the goods and services tax (GST) and urged it to pass the benefit of lower crude prices to the people.
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