New Delhi: Petrol and diesel prices on Wednesday rallied to their highest ever levels across the country, as fuel rates were hiked again by 35 paise a litre.
The price of petrol in Delhi rose to its highest-ever level of Rs 106.19 a litre and Rs 112.11 per litre in Mumbai, according to a price notification of the state-owned fuel retailers. In Mumbai, diesel now comes for Rs 102.89 a litre; while in Delhi, it costs Rs 94.92.
In Kolkata, petrol is selling for Rs 106.78 per litre while diesel is retailing Rs 98.03 per litre. Meanwhile, petrol is selling at Rs 103.31 in Chennai while diesel is retailing at Rs 99.26 per litre.
With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre-mark across the country a few months earlier.
Petrol prices had maintained stability since September 5, but oil companies finally raised the pump prices last week.
OMCs had preferred to maintain their watch prices on the global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for the last three weeks. But extreme volatility in the global oil price movement has now pushed OMCs to effect the increase.
Without duty cut, the government is expected to collect over Rs 4.3 lakh crore from auto fuels – much higher than budget estimate of Rs 3.2 lakh crore. Even in FY21, contribution of the petroleum sector to the exchequer remained at over Rs 4 lakh crore. This is because excise duty was raised by Rs 13 and Rs 16 per litre on petrol and diesel between March 2020 and May 2020 and it now at Rs 31.8 on diesel and Rs 32.9 per litre on petrol.
With IANS Inputs