Petrol crosses INR 90-mark in Mumbai, rates at all-time high across country

New Delhi, Sep. 24 (PTI): Petrol Monday crossed the INR 90-mark in Mumbai as a dip in the value of rupee and rise in international oil prices pushed rates across the country to new all-time high.

Petrol prices were hiked by 11 paise per litre and diesel by 5 paise, according to price notification of state-owned oil firms.

The hike pushed petrol price in Delhi to INR 82.72 per litre and diesel to INR 74.02.

In Mumbai, petrol crossed INR 90-mark for the first time ever. The fuel now costs INR 90.08 at Indian Oil Corp (IOC) outlets in the city while it is priced at INR 90.17 at Hindustan Petroleum Corp Ltd (HPCL) outlets and INR 90.14 at Bharat Petroleum Corp Ltd (BPCL) stations.

India is the third largest importer of crude oil and rising international oil prices are inflating domestic transport fuel costs in a strong demand environment. Brent, the benchmark for more than half the world’s oil, climbed to USD 80 per barrel from USD 71 in the last five weeks, and the Indian rupee lost ground against the dollar by 5-6 per cent during the same period, resulting in expensive crude imports.

Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes. Mumbai has the highest sales tax or VAT.

According to oil companies, refinery gate price of petrol, without considering any central or state tax and dealer’s commission, is INR 42.04 per litre. The same for diesel is INR 45.34.

Retail rates are arrived at after adding excise duty, which is charged by the Central government, commission paid to petrol pumps dealers and VAT, charged by the state governments.

Dealer’s commission on petrol currently is INR 3.66 per litre and that on diesel is INR 2.52.

Since mid-August, the petrol price has risen by INR 5.58 a litre and diesel by INR 5.3 – the most in any month since the daily price revision was introduced in mid-June last year.

Diesel at IOC’s outlets in Mumbai costs INR 78.58 per litre, at HPCL’s stations for INR 78.67 and comes for INR 78.67 at BPCL pumps.

Petrol in Kolkata costs INR 84.63 per litre and diesel comes for INR 75.95. In Chennai, petrol is priced at INR 86.08 and diesel at INR 78.35.