Petrol, diesel touch all time highs as oil companies hike rates

New Delhi, May 20 (PTI): Petrol price today touched a record high of Rs 76.24 per litre and diesel climbed to its highest ever level of Rs 67.57 as the oil PSUs passed on four weeks of relentless rise in international oil prices to consumers.

Petrol price today increased by 33 paisa a litre in Delhi — the highest since the daily price revision came into force in mid-June 2017, and diesel by 26 paisa, according to price notification issued by state-owned oil firms. Rates vary from state to state depending on the incidence of local sales tax or VAT. Prices in Delhi are the cheapest in all metros and most state capitals.

With this increase, petrol has touched an all time-high, breaching the previous high of Rs 76.06 touched in Delhi on September 14, 2013. Diesel rates are also at the all-time high level.

This is the seventh straight day of price increase since oil PSUs on May 14 resumed daily price revision after a 19-day pre-Karnataka poll hiatus. In all, petrol price has been raised by Rs 1.61 a litre and diesel by 1.64 in last one week.

In India, petrol is the costliest in Mumbai where high local taxes has led a price of Rs 84.07 per litre. Petrol has breached Rs 80 mark in Bhopal (Rs 81.83 a litre), Patna (Rs 81.73), Hyderabad (Rs 80.76) and Srinagar (Rs 80.35), according to the price notification.

Petrol in Kolkatta costs Rs 78.91 per litre while it is priced at Rs 79.13 in Chennai. The cheapest petrol is available in Panjim where a litre comes for Rs 70.26.

Diesel is the costliest in Hyderabad were it is priced at Rs 73.45 a litre due to high local taxes. It is priced at Rs 73.34 in Trivandrum. Other cities where diesel rates have crossed Rs 70 mark are Raipur (Rs 72.96 a litre), Gandhinagar (Rs 72.63), Bhubhaneswar (Rs 72.43), Patna (Rs 72.24), Jaipur (Rs 71.97), Ranchi (Rs 71.35), Bhopal (Rs 71.12) and Srinagar (Rs 70.96)

A litre of diesel costs Rs 71.94 in Mumbai, Rs 70.12 in Kolkatta and Rs 71.32 in Chennai, the notification said. Diesel is the cheapest in Port Blair where it is priced at Rs 63.35.

On Friday, Economic Affairs Secretary Subhash Chandra Garg refused to say if the government will cut excise duty on auto fuel to ease the burden on consumers.

The government is watching the situation developing from oil prices hitting USD 80 a barrel — the highest since November 2014, and adequate steps will be taken, is all he said said without elaborating.

Asked if the government would cut excise duty on petrol and diesel, he had stated that he has nothing to say on that front. “Just watch.”