Petrol and diesel were held at multi-year highs on Wednesday. Although the prices were kept steady on Wednesday, petrol price was at a four-year high in Delhi while diesel at a record high. Effective 6 am, April 4, 2018, petrol prices were at Rs. 73.95 per litre in Delhi, Rs.76.66 per litre in Kolkata, Rs. 81.8 per litre in Mumbai and Rs. 76.72 per litre in Chennai, according to Indina Oil Corporation. Diesel prices were at Rs. 64.82 per litre in Delhi, Rs.67.51 per litre in Kolkata, Rs. 69.02 per litre in Mumbai and Rs. 68.38 per litre in Chennai, as displayed by the country’s largest fuel retailer on its website – iocl.com.
Here are 10 things to know about petrol, diesel prices today:
- Petrol and diesel prices are on an uptrend amid firming global crude prices. The rates of the two fuels have been so far increased 14 times since March 18, 2018.
- At current level, petrol prices are up Rs. 3.98 per litre in Delhi, Rs. 3.94 per litre in Kolkata, Rs. 3.93 per litre in Mumbai and Rs. 4.19 per litre in Chennai so far this year. Diesel rates are up Rs. 5.18 per litre, Rs. 5.21 per litre, Rs. 5.75 per litre and Rs. 5.55 per litre respectively.
- Currently, state-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise petrol and diesel prices at 6 am every day.
- The daily price revision process is part of a new system of revisions adopted in June 2017. Previously, oil marketing companies revised the prices every fifteen days.
Petrol Price (Rs.) Apr-04 Apr-03 18-Mar Dec-31 Delhi 73.95 73.95 72.2 69.97 Kolkata 76.66 76.66 74.94 72.72 Mumbai 81.8 81.8 80.07 77.87 Chennai 76.72 76.72 74.87 72.53 Diesel Price (Rs.) Apr-04 Apr-03 Delhi 64.82 64.82 62.71 59.64 Kolkata 67.51 67.51 65.4 62.3 Mumbai 69.02 69.02 66.78 63.27 Chennai 68.38 68.38 66.12 62.83 (Source: iocl.com)
- Besides global crude prices and the rupee-dollar exchange rate, domestic petrol and diesel prices depend on government taxes, both at the central and the state level. India imports bulk of its energy requirements. Global crude prices have risen close to $70 a barrel.
- International crude oil prices edged up on Tuesday, but Brent futures stayed well below $70 a barrel. Brent had risen to $71 a barrel last week, close to its highest this year.
- The government on Monday ruled out any immediate reduction in excise duty to cushion relentless rise in international oil prices that have sent petrol and diesel to new highs.
- Asked if a second round of excise duty cut was in offing, Finance Secretary Hasmukh Adhia said: “Not as of now. Whenever we review it, we will let you know.” Oil Minister Dharmendra Pradhan had earlier on the same day said the government is keeping a close eye on global prices but said there is no going back on free market pricing.
- The government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs. 2 a litre.
- The rupee closed at 65.01 against the US dollar on Tuesday. It is down 8 paise against the greenback in the past two-and-a-half weeks, the period during which fuel prices have risen. A weaker rupee makes dollar-determined crude oil imports more expensive.