Delhi: Petrol crosses Rs 77 mark on rising global rates; diesel at Rs 68.50

Petrol prices have crossed the Rs 77 a litre mark for the first time in two months due to firming international rates.

Petrol price in Delhi was on Tuesday hiked by 9 paisa a litre to Rs 77.06 while diesel rates went up by 6 paisa to Rs 68.50 per litre, according to daily price notification issued by state-owned oil firms.

Fuel prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT.

Retail selling prices have been firming up since July 30 as international rates inched up. Rates have risen by Rs 0.90 a litre in case of petrol in nine days while diesel prices have risen by Rs 0.88 per litre.

Petrol price had touched an all-time high of Rs 78.43 a litre on May 29 and had since receded. On that day, the diesel price had touched an all-time high of Rs 69.30.

Arun Jaitley hints no cut in excise on oil, asks citizens to pay taxes

Union Minister Arun Jaitley today urged citizens to pay their due share of taxes "honestly" to reduce dependence on oil as a revenue source, and virtually ruled out any cut in excise duty on petrol and diesel saying it could prove to be counter-productive.

While salaried class pay their due share of taxes, Jaitley said "most other sections" have to improve their tax payment record, which is keeping India "far from being a tax-compliant society".

"My earnest appeal, therefore, to political leaders and opinion makers ...would be that evasion in the non-oil tax category must be stopped and, if people pay their taxes honestly, the high dependence on oil products for taxation eventually comes down. In the medium and long run, upsetting the fiscal maths can prove counter-productive," Jaitley said.

In a facebook post titled 'The Economy and the Markets Reward Structural Reforms and Fiscal Prudence', Jaitley said in last four years, central government's tax-GDP ratio has improved from 10 per cent to 11.5 per cent. Almost half of this, 0.72 per cent of GDP, accounts for an increase in non-oil tax-GDP ratio.

End to relentless petrol, diesel price rise brings no joy as cuts minuscule

High fuel prices have burnt a hole in the common man's pockets. With mounting frustration, rates have been cut for the third consecutive day today. However, this is likely to be cold comfort for most given that the reduction in prices has been minuscule. Prices for petrol and diesel fell by 6 paise and 5 paise per litre, respectively, on Friday. After a one paisa cut in fuel prices, petrol prices across the four metros were cut on Thursday by seven paise a litre and diesel prices fell by five paise.

Petrol now costs Rs 78.29 per litre in Delhi, while the price of diesel has been revised to Rs 69.20 a litre. The revised Petrol prices in other metro cities are -- Rs 80.92 in Kolkata, Rs 86.10 in Mumbai, and Rs 81.28 in Chennai. The revised diesel prices are Rs 71.75 in Kolkata, Rs 73.67 in Mumbai, and 73.06 in Chennai.

How does this measure up against the previous hike in petrol prices? These cuts contrast against the nearly Rs 4 per litre rise in prices during May 14-29, with the daily hike in prices varying around 15-30 paise a litre. Similarly, diesel prices in all the four metros also were at record levels during the period.

A direct comparison of prices brings home the point. In the national capital on Thursday, petrol was sold at Rs 78.35 per litre, down from Rs 78.42 on Wednesday. Compared to Friday's prices, that is just a 13 paise difference in the favour of the consumer.

Petrol, diesel prices to fall soon? Govt may have found solution; 10 points

Petrol and diesel prices may fall soon as the government is mulling a 'windfall tax' on oil and gas companies for any revenue that they earn from prices crossing $70 a barrel. Subsequently, this tax revenue will be used to pay fuel retailers like Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) to absorb the hike in fuel prices.

Meanwhile, oil prices continued to rally upwards for the 12th day straight on Friday with petrol and diesel being hiked by 32 and 18 paise, respectively.

According to the Indian Oil Corporation (IOCL), revised petrol prices in metropolitan cities are: Delhi (Rs 77.83 per litre), Mumbai (Rs 85.65 per litre), Kolkata (Rs 80.47 per litre), and Chennai (Rs 80.80 per litre). The revised diesel prices are: Delhi (Rs 68.75 per litre), Mumbai (Rs 73.2 per litre), Chennai (Rs 72.58 per litre), Kolkata (Rs 71.30 per litre).

Petrol prices hit 3-yr high at Rs 69.04/litre; up by Rs 6/litre since July

STOCK MARKET - Petrol price has been hiked by Rs 6 per litre since the beginning of July and is now priced at its highest rate in three years with rates being revised in small dosages daily.

Diesel price has increased by Rs 3.67 a litre and now costs Rs 57.03 a litre in Delhi, the highest in four months, according to data from state-owned oil companies.

A litre of petrol costs Rs 69.04 a litre in Delhi, the highest since second-half of August 2014 when it was priced at Rs 70.33.

State-owned oil companies in June dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantaneously reflect changes in cost.

Prices of petrol and diesel have been revised at 06:00 hours everyday since June 16.

Rates during the first fortnight dropped but have since July 3 been on the rise.

Petrol price was at Rs 65.48 a litre on June 16 in Delhi and it dropped to Rs 63.06 by July 2. However, rates have since gone up every day except on four occasions when prices were cut by 2-9 paise per litre.

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