Fuel prices continued their upward march on Tuesday, with the petrol and diesel prices hitting record highs of Rs.76.87 and Rs.68.08 a litre in Delhi, the reference market for the country. The petrol price jumped 30 paise a litre on Tuesday from Rs 76.57 on Monday, while the diesel price climbed 26 paise a litre over the same period. Both fuels are becoming dearer due to the rise in global oil prices.
Petroleum Minister Dharmendra Pradhan on Sunday blamed production cuts in the OPEC countries and the prospect of renewed sanctions on Iran by the United States for the rise in oil prices. The rising prices have prompted several industry bodies to urge the government to cut the excise duties on petrol and diesel, but the government has so far declined to bite the bullet.
The excise duty on petrol is Rs.19.48 a litre, which works out to 25.3% of the retail price of petrol in Delhi. The State VAT on the fuel, including VAT on the dealers’ commission, is Rs.16.28 a litre, which is 23.2% of the retail price. Together, the two taxes make up almost 50% of the retail selling price.
The situation is somewhat better in diesel, where the excise duty and State VAT make up 22.5% and 14.7% of the retail price.
Petrol prices in major metros:
| Month | Delhi | Kolkata | Mumbai | Chennai |
| May 22, 2018 | 76.87 | 79.53 | 84.70 | 79.79 |
| May 21, 2018 | 76.57 | 79.24 | 84.40 | 79.47 |
| May 20, 2018 | 76.24 | 78.91 | 84.07 | 79.13 |
| May 19, 2018 | 75.91 | 78.59 | 83.75 | 78.78 |
| May 18, 2018 | 75.61 | 78.29 | 83.45 | 78.46 |
| May 17, 2018 | 75.32 | 78.01 | 83.16 | 78.16 |
| May 16, 2018 | 75.10 | 77.79 | 82.94 | 77.93 |
| May 15, 2018 | 74.95 | 77.65 | 82.79 | 77.77 |
| May 14, 2018 | 74.80 | 77.50 | 82.65 | 77.61 |
Diesel prices:
Month | Delhi | Kolkata | Mumbai | Chennai |
| May 22, 2018 | 68.08 | 70.63 | 72.48 | 71.87 |
| May 21, 2018 | 67.82 | 70.37 | 72.21 | 71.59 |
| May 20, 2018 | 67.57 | 70.12 | 71.94 | 71.32 |
| May 19, 2018 | 67.31 | 69.86 | 71.67 | 71.04 |
| May 18, 2018 | 67.08 | 69.63 | 71.42 | 70.80 |
| May 17, 2018 | 66.79 | 69.33 | 71.12 | 70.49 |
| May 16, 2018 | 66.57 | 69.11 | 70.88 | 70.25 |
| May 15, 2018 | 66.36 | 68.90 | 70.66 | 70.02 |
| May 14, 2018 | 66.14 | 68.68 | 70.43 | 69.79 |
Source: www.iocl.com
