Mumbai petrol price up for 15th day in a row to Rs 86.08/l; crude oil down

In line with petrol, the price of diesel also increased -- to Rs 69.17 a litre in Delhi, and Rs 73.64 in Mumbai

 

Retail fuel prices in India continue to burn a hole in pockets, with the cost of petrol increasing for a 15th consecutive day on Monday to touch a new high of Rs 78.27 a litre in Delhi, up from Rs 78.12 per litre a day before. This, incidentally, happened on a day when the global crude oil price showed a decrease. On Monday, petrol prices in Mumbai stood at Rs 86.08 a litre, in Kolkata Rs 80.76 and in Chennai Rs 81.11. In line with petrol, diesel prices also increased -- to Rs 69.17 per litre in Delhi and Rs 73.64 per litre in Mumbai.

Following the Karnataka polls and the 19-day fuel price freeze from April 24, oil marketing companies opted for a price rise for petrol and diesel. On May 15, the price of petrol was increased by 17 paise a litre and that of diesel by 21 paise a litre in Delhi. The petrol price was seen at Rs 74.80 per litre, the highest since September 2013, and diesel was seen at Rs 66.14 per litre.

Amid the rise in fuel prices, crude oil futures fell 2.73 per cent to Rs 4,485 per barrel on Monday, in line with the weak trend overseas as the market eyed an increase in output from top crude producers -- Russia, the US, and Saudi Arabia.

The brent crude futures were at $75.34 per barrel, down $1.10, or 1.4 percent, from their last close.

Hope on the horizon

The government said it is likely to levy a 'windfall tax', in the form of a cess, on companies like Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) for any revenue that they earn from prices crossing $70 a barrel.

Subsequently, the revenue collected will be used to pay retail majors like Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) to absorb the fuel price hike.....Read More

Petrol, diesel price hike: Guide for middle-class Indians on fuel prices

For the tight-budgeted Indian, the petrol and diesel price hike is a serious damper. Here's a guide to petrol and diesel prices in pan India

As the fuel price hike was announced on Tuesday, common people were greeted with the highest petrol and diesel prices since September 2013. On Tuesday, petrol and diesel prices in Delhi touched a high of Rs 76.87 and Rs 68.08 a litre, respectively, while in Mumbai, petrol reached Rs 84.7 a litre and diesel at Rs 72.48, the highest ever. If taxes are kept unchanged, the retail price of petrol in Mumbai could cross Rs 90 per litre in the near future if crude oil touches $85 per barrel. This is based on the government’s statement that the crude oil price increase could add $50 billion to India’s oil import bill in 2018-19.

The Business Standard analysed that the retail price of petrol in Delhi may reach Rs 85 a litre, while that for diesel reach Rs 73 a litre.

For the tight-budgeted Indian, the petrol and diesel price hike is a serious damper. As the mercury continues to soar, people may have contemplated on a road trip to a hill station, or a family vacation as many school children are on summer vacation. However, a cautious traveller can keep a few things in mind before embarking on a journey:

Check fuel prices online

Consumers can visit the Indian Oil website. Once on the website, they can use the 'RO Locator' tool to locate the Indian Oil retail outlet nearest to them based on their location. The website displays prices of various products sold.

Check petrol, diesel prices through app:

* Indian Oil's mobile app, called "Fuel@IOC - IndianOil", also enables customers to check current prices.

* This mobile application by Indian Oil is available on both Google Play and Apple Store, for Android and iPhone smartphone users respectively.

"Bonanza to central government is Rs 25 on every litre of petrol. This money rightfully belongs to the average consumer. Central government saves Rs 15 on every litre of petrol due to fall in crude oil prices. It also puts additional tax of Rs 10 on every litre of petrol," he added.

As reported earlier, the Prime Minister's Office will on Wednesday take a final call on whether to cut excise duty on petrol and diesel.

Meanwhile, BJP President Amit Shah said that the issue will be resolved within three to four days.