Petrol prices up for 2nd straight day: Check new rates in top cities today

New Delhi 07 Jul 2018

Petrol prices were raised for the second day in a row on Friday. After a hike of around 14 paise, petrol is now being sold at Rs 75.85 per litre in Delhi.

In other major cities – Mumbai, Kolkata and Chennai – petrol is now priced at Rs. 83.24, Rs. 78.53, and Rs. 78.72 per litre respectively.

On Thursday, petrol prices were hiked for the first time in more than a month on the back of rising rates and weakening rupee.

The 16 paise a litre hike in petrol came after 8-day self-imposed hiatus in rate revisions by state-oil firms in anticipation of softening international rates due to OPEC decision to raise output by 1 million barrels per day.

State-owned oil firms, who had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions, had last changed prices on June 26 when was cut by 14 paise and diesel by 10 paise.

In the preceding month, or so rates had been cut in line with dropping international rates. Prices had hit an all-time high of Rs 78.43 a litre for petrol and Rs 69.31 per litre for diesel on May 30.

That peak had triggered demands for a reduction in excise duty but the government had ruled out any immediate cut.

The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) – the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel. ( PTI )