Petroleum retailing companies have increased the prices of petrol and diesel for the seventh consecutive day today. Petrol and diesel prices in the country remain high. The public is also troubled by skyrocketing oil prices. The issue of oil being expensive also arose in the Rajya Sabha.
Petrol prices have reached an all-time high in Delhi and Mumbai. In Delhi, the price of petrol has reached 88.99 whereas in Mumbai it has reached Rs 95.46 per liter. At the same time, diesel will get Rs 79.35 in Delhi and Rs 86.34 in Mumbai. During seven days, the price of petrol increased by Rs 2.06 per liter while diesel increased by Rs 2.27 per liter.
That’s why Prices are Growing
Prices have been affected by the boom in global markets. With this, retail prices of fuel have reached a new record level, including state level taxes. Rajasthan has the highest VAT rates on petroleum products. Crude oil prices are continuously rising in the international markets, which is also directly impacting the sale of retail fuel. In the international market, Brent crude oil price has crossed $ 60 per barrel. This is the reason that the price of petrol and diesel has become expensive in the domestic market.
That’s why the price of crude oil is increasing
Even during the Corona period, the Chinese economy is developing amazingly, due to which the import of crude oil has increased at the rate of 111.2 lakhs every day in January. This figure is 18 percent higher than in December. The way in which the neighboring country is currently increasing crude oil imports, it is expected to increase further. Due to this, there were signs of increase in the price of crude oil on Monday.
Price is determined by these standards
After adding excise duty, dealer commission and other things to the price of petrol and diesel, its price almost doubles. On the basis of these standards, the oil companies do the work of fixing the petrol rate and diesel rate daily. The dealers are the people running the petrol pumps. They sell petrol at retail prices to consumers after adding taxes and their own margins. This cost is also added to the petrol rate and diesel rate. India has to depend on 80 percent of its imports for petroleum fuel needs. The central government is levying an excise duty of Rs 32.9 per liter on petrol and Rs 31.80 per liter on diesel.
Demand for tax reduction
The Congress and other opposition parties have criticized the increase in prices of petroleum products, and have demanded immediate reduction of taxes on them. On the other hand, Petroleum Minister Dharmendra Pradhan said in Parliament on Wednesday that there is currently no idea to reduce excise duty on petroleum products.
Know how much is the price in major metros today
According to information received from IOCL, today the price of one liter petrol and diesel in Delhi, Kolkata, Mumbai and Chennai is as follows.