Petrol prices soared to fresh record high on Saturday across the four metros. As per reports, petrol and diesel prices have increased by Rs 2.85 per litre and Rs 3.3 per litre respectively since August.
Petrol and diesel prices on Saturday were again hiked by about by 29 paise and 38 paise respectively.
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Similarly, petrol is being sold for ₹83.54 per litre in Chennai and the diesel retail price is ₹76.64 per litre. With the latest hike in prices, Petrol crossed the Rs 80/litre mark in the national capital. So a litre of petrol in Mumbai will now cost about Rs 87.77 and diesel about Rs 76.98 per litre. In Bengaluru, petrol is priced at Rs 83.0 and diesel at Rs 74.84. "There were hikes of about Rs 1.5 per litre in the earlier system when the revision took place on fortnightly basis", said Arvind Thakkar, president of Federation of Gujarat Petroleum Dealers Association, the apex body of all local associations of petrol pump operators in the state. Brent for November settlement rose 33 cents to $76.83 on the ICE Futures Europe exchange. Because the price is built up by excessive taxes on petrol and diesel. US West Texas Intermediate (WTI) crude futures slipped 64 cents to $67.13 per barrel, stated a report by news agency Reuters. Nearly half of the retail selling price of the two fuels is made up of central and state taxes.
Due to geopolitical factors worldwide crude oil prices are also volatile.
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Since the UPA-2 days, oil producing countries have tried to bring down their production to jack up crude oil prices and geopolitical tension has made things worse.
Since mid-August, petrol price has risen by Rs 3.24 a litre and diesel by Rs 3.74 per litre as rupee hit record low against the United States dollar, making imports costlier. Delhi charges a Value-Added Tax of 27% on petrol and 17.24% on diesel.
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The prices of both petrol and diesel, have been at their record high levels for around a week now.