Petrol and diesel prices rise for the sixth straight day
A surge in global crude oil prices and high demand are behind the price rise.
Prices of petrol and diesel went up for the sixth straight day on Tuesday amid rising global oil prices, NDTV reported.
According to Indian Oil’s website, the price of petrol rose around six to seven paise per litre in the metros – from Rs 72.32 to Rs 72.39 in Delhi, from Rs 75.06 to Rs 75.12 in Kolkata, from Rs 80.19 to Rs 80.26 in Mumbai and from Rs 75 to Rs 75.07 in Chennai.
The price of diesel increased around seven to eight paise per litre in the top four cities – from Rs 62.89 to Rs 62.96 per litre in Delhi, from Rs 65.58 to Rs 65.65 in Kolkata, from Rs 66.97 to Rs 67.05 in Mumbai and from Rs 66.31 to Rs 66.39 in Chennai.
On January 24, petrol prices had hit a three-year high in the four metros. A surge in global crude oil prices, curbs on production by the Organisation of the Petroleum Exporting Countries and high demand are behind the increasing fuel prices.
Besides the global factors and the exchange rate of the rupee, the excise duty the Indian government charges adds to the final amount consumers pay.
The prices of the two most traded benchmark crude – Brent and West Texas Intermediate – rose the most since December 2014, because of which the government has been urged to slash the excise duty it levies on fuel. The Centre, however, has been pushing states to cut the Value Added Tax they charge.