Petrol and diesel continued to move upwards for the ninth-consecutive day and touch new highs across the country on Wednesday, February 17, 2021. The retail price of regular petrol hit the three-figure mark for the first time across the country when it was hiked by 26 paise to Rs 100.13 a litre in Rajasthan’s Sri Ganganagar, while diesel got dearer by 27 paise to Rs 92.13, according to the data available in Indian Oil Corporation’s website.
Following today’s price revision, petrol in the national capital is now retailing at Rs 89.54 a litre while diesel is selling at Rs 79.95. In the financial capital Mumbai, petrol price now stands at Rs 96.00 while diesel costs Rs 86.98.
Fuel prices vary from state to state and taxes are levied on them by both central as well as the state governments. Rajasthan, which levies the highest VAT on fuel in the country, had the highest petrol and diesel prices. Late last month, it had cut VAT on petrol and diesel by 2 per cent.
Despite this, the state has the highest VAT at 36 per cent plus Rs 1,500 per kilolitre road cess on petrol. On diesel, Rajasthan levies 26 per cent and Rs 1,750 per kl road cess, news agency PTI reported earlier this week.
The auto fuel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates.
The price of India’s crude oil basket, which comprises of Oman-Dubai sour grade and dated Brent sweet crude, was at $62.64 a barrel on Tuesday, February 16, 2021, according to data by Petroleum Planning and Analysis Cell (PPAC).
In the global market, oil prices fell in early trade on Wednesday as the US dollar climbed, retreating after a two-day rally that was driven by an Arctic blast curbing output from oil and gas fields in Texas, the country’s biggest oil-producing state, news agency Reuters reported earlier in the day.
US West Texas Intermediate (WTI) crude futures gave up 33 cents (0.6 per cent) to $59.72 a barrel at 0140 GMT, retreating from a 13-month high of $60.95 hit on Tuesday. Brent crude futures dropped 40 cents (0.6 per cent) to $62.95 a barrel, coming off three days of gains, the report said.
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|