Motorists to Dig Deeper as New Fuel Prices Shoot

Today's petrol and diesel price hikes are said to be the highest in 25 months.

On the other hand, diesel is priced at a record high in the financial capital of the country at Rs 81.34.

In Kolkata, petrol costs Rs 85.92 a litre, in Chennai, Rs 87.18 a litre, and in Mumbai at Rs 91.07 a litre on Wednesday after the increase.

The highest level for petrol in Mumbai was on October 4, 2018, when it was Rs 91.34.

After a five-day hiatus, state-owned fuel retailers hiked the prices of Petrol and diesel by 25 paise per litre each on Wednesday.

For most of December 2020, there were scarcely any price hikes in fossil fuels and there was a 27-day relief for motorists as oil marketing companies kept petrol and diesel prices unchanged.

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State-owned fuel retailers resumed daily price revision after almost a month-long hiatus on January 6. With this, Delhi broke its previous record of Rs 84.20 per litre recorded on January 7. In Thiruvananthapuram, the diesel price is now at Rs 80.47.

Diesel price too rose as retailers continued to pass on the staggered impact of crude's week-long rally. There has been a speedy rise in crude oil prices and Brent crude is now trading at United States dollars 57.19 a barrel today, up from USD 54 per barrel on January 7. In Mumbai, the highest level for petrol was also on the same day when it scaled to Rs 91.34.

Both benchmarks are trading at the highest since February, before the coronavirus outbreak in China began spreading across the world, forcing lockdowns that shaved off demand.

OGRA has recommended an Rs11.95 increase in the price of petrol in Pakistan.

And in Kisumu, the pump prices will be set at Sh107.61, Sh97.23 and Sh87.99 for Super Petrol, Diesel and Kerosene respectively. Then add excise duty of ₹31.83 per litre, dealer commission (average) ₹2.53 litre and VAT (including VAT on Dealer Commission) ₹10.85 litre, the final retail selling price in Delhi comes to about ₹73.87 per litre (January 1 price). Diesel increased to ₹74.63 per litre.