INSUBCONTINENT EXCLUSIVE:
Petrol and diesel price today: Any revisions in rates are effected at fuel stations at 6 am every day
Petrol prices were cut by a marginal 8-9 paise per litre on Friday, after a gap of
However, diesel prices were kept unchanged for a third straight day
Friday also marks a year of oil marketing companies being allowed to revise fuel rates on a daily basis
With effect from 6 am on Friday, June 15, petrol prices were at Rs 76.35 per litre in Delhi, Rs 79.02 per litre in Kolkata, Rs 84.18 per
litre in Mumbai and Rs 79.24 per litre in Chennai, according to Indian Oil Corporation
Diesel prices were at Rs 67.85 a litre, Rs 70.4 a litre, Rs 72.24 a litre and Rs 71.62 a litre in Delhi, Kolkata, Mumbai and Chennai,
At current levels, petrol and diesel prices have registered some recovery compared to May, a month during which the fuel rates hit all-time
2017Delhi76.3576.4366.9167.8567.8555.94Kolkata79.0279.169.5270.470.458.28Mumbai84.1884.2678.4472.2472.2461.67Chennai79.2479.3369.9371.6271.6
259.22(Source: iocl.com)2
Weakness in the rupee to 68.42 against the US dollar - an 18-month low - and a surge in international crude oil prices to 2014 highs, around
$80 per barrel, had pushed domestic fuel rates higher in May, say analysts.3
Overall, in the month of May, petrol prices were raised in the range of Rs
3.66-3.92 per litre while the quantum of increase was to the tune of Rs
3.17-3.56 in case of diesel prices.4
So far this month, petrol prices have been brought down in the range of Rs 1.96-2.11 per litre in the four metros, while diesel prices are
lower by Rs 1.4-1.5 per litre.5
State-run oil marketing companies - with Indian Oil Corporation being the largest of the three - today completed a year of daily price
Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation had adopted a new system of price revisions on June
Prior to that, the prices were revised twice each month, on the 1st and 16th day.6
The move was aimed at passing on the changes in cost rapidly to the consumers.7
During this one year, petrol prices have been moved higher by Rs 9.44 a litre in Delhi, Rs 9.5 a litre in Kolkata, Rs 5.74 a litre in Mumbai
and Rs 9.31 a litre in Chennai
Diesel prices have been increased by Rs 11.91 a litre, Rs 12.12 a litre, Rs 10.57 a litre and Rs 12.4 a litre in Delhi, Kolkata, Mumbai and
Chennai, respectively, data from Indian Oil Corporation shows.8
Domestic fuel prices are currently determined by global crude oil prices and the rupee-dollar forex rate, among other factors
Global crude oil prices have risen to $75.8 a barrel from $46 a barrel in June 2017
The rupee has weakened around 5 per cent against the US dollar during this period
Weakness in the rupee against the US dollar makes crude oil more expensive for domestic oil refiners
litreAgartala72.1465.99Aizwal72.2665.18Ambala76.4768.36Bangalore77.5969.02Bhopal81.9471.41Bhubhaneswar75.1772.73Chandigarh73.4365.89Dehradun
77.768.18Gandhinagar75.6672.92Gangtok79.469.6Guwahati78.4970.82Hyderabad80.8873.75Imphal74.4465.92Itanagar72.2565.14Jaipur79.0972.26Jammu78.
0869.02Jullunder81.5667.77Kohima74.8366.22Lucknow77.1868Panjim70.3669.05Patna81.8472.53Pondicherry75.1570.09Port
Blair65.8263.6Raipur76.7673.25Ranchi76.3471.64Shillong75.7567.67Shimla76.5267.49Srinagar80.7771.24Trivandrum79.4572.63Silvasa74.2768.67Daman
74.268.6(Source: iocl.com)9
Petrol and diesel prices are currently deregulated in India, which means they are linked to market prices
Government of India had deregulated or freed petrol pricing from its control in June 2010 and diesel in October 2014.10.The government had
raised excise duty on petrol by Rs 11.77 a litre and that on diesel by Rs 13.47 a litre in nine instalments between November 2014 and
January 2016 to shore up finances as global oil prices fell
However, it reduced the duty once by Rs 2 a litre in October last year
Since then, five states - Maharashtra, Gujarat, Madhya Pradesh, Himachal Pradesh and Kerala - have reduced their VATs
While excise duty is a central tax, VAT or value added tax is a state tax
The government aims to bring fuel prices under the purview of GST.(With agency inputs)
