Petrol has crossed the Rs 90 mark in Mumbai, while a litre of petrol now costs Rs 84.72 in Delhi. Diesel has reached Rs 78.58 in the financial capital Mumbai, and it is hovering around Rs 74 per litre in Delhi. Other metro cities have also seen fuel prices going up. Petrol is priced at Rs 85.99 in Chennai, while diesel has reached Rs 84.54 per litre. In Kolkata too, petrol and diesel have gone up to Rs 84.54 and Rs 75.99 per litre, respectively.
Among all states, Patna is the first state where petrol has breached the Rs 91 mark. Petrol is priced at Rs 91.96 per litre in the Bihar Capital, while diesel has reached Rs 79.68 per litre.
Despite a continuous rise in fuel prices, Delhi has the cheapest fuel rates among all metros. States like Andhra Pradesh, Rajasthan, West Bengal and Karnataka have cut taxes on fuel to reduce the burden, but the central government has so far not done so. Fuel prices are the highest in Maharashtra, which charges maximum sales tax or Value Added Tax (VAT).
Reports suggest the Maharashtra government may increase excise duty on Indian-made foreign liquor (IMFL) to compensate for a possible cut in tax on petrol and diesel. The idea is to increase the excise duty on IMFL, especially on the largely consumed mid-segment liquors, so that government would earn more revenue, and then reduce taxes on petrol and diesel.
The OPEC oil cartel raised its global production forecast on Sunday based on higher-than-predicted US output in a report outlining a long-term rise in net demand, particularly in developing countries. The body said demand would continue rising despite electric-powered vehicles taking an increasing market share and political moves to champion renewable energy, said an AFP report. OPEC also predicted a dip in demand growth between 2035 and 2040.
The government is expected to soon announce import curbs by increasing customs duty on several ‘non-essential items’ to ease the pressure on falling value of rupee and to keep the widening Current Account Deficit (CAD) on a check. This could also have some impact on the ever-increasing oil prices. Meanwhile, crude oil international benchmark Brent Crude was priced at $79.82 per barrel on Friday, while WTI Crude Oil hovered around Rs 71.60 per barrel.
(Edited by Manoj Sharma)
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