Petrol, diesel prices remained stagnant on Saturday. Check today’s rates in top cities
New Delhi: Petrol and diesel prices remain unchanged on Saturday (July 13) across the country. Petrol in national capital Delhi is retailing at 72.90 a litre, no change in price compared with Friday’s price while diesel costs Rs 66.49 per litre, no change compared with yesterday’s price, as per data from Indian Oil Corporation website. It is worth noting that due to lower taxes in Delhi, the retail prices of petrol and diesel are the cheapest in the Capital among all metros and most state capitals.
In Mumbai, citizens have to pay Rs 78.52 for a litre of petrol while diesel prices remain static at Rs 69.43 per litre. Similarly, in Kolkata, petrol prices remained unchanged from Friday’s level at Rs 75.12 per litre whereas, for a litre of diesel, citizens have to shell out Rs 68.31, with no change over yesterday’s price.
In Chennai, petrol is sold at Rs 75.70 a litre and diesel is retailed at Rs 69.96, no change in price compared with last day’s rate. In Gurugram, petrol, diesel prices remained stable at Rs 72.75 and Rs 65.43 a litre respectively. In Noida, petrol and diesel are selling for Rs 72.23 a litre and Rs 65.34 per litre respectively, no change in rates against Friday’s rates.
The fuel price is dependent on the global crude oil prices, rupee to US dollar exchange rate, global cues, fuel demand, etc. Fuel price includes excise duty, value-added tax (VAT) and dealer commission. VAT varies from state to state. India imports 80 per cent of its crude requirements.
It may be noted that Finance Minister Nirmala Sitharaman in her Budget 2019 speech has proposed to hike the excise duty by Re 1 on petroleum products including petrol and diesel in Budget 2019. “I propose to increase special additional excise duty and road and infrastructure cess each one by 1 rupee a litre on petrol and diesel,” she said.
“Crude prices have softened from their highs. This gives me a room to review excise duty and cess on petrol,” Sitharaman further added explaining the rationale behind increasing the excise and cess on petrol and diesel.
Meanwhile, Morgan Stanley, last week had cut down its long-term Brent crude prediction to USD 60 per barrel from USD 65 per barrel, saying the oil market is balanced in 2019 after OPEC and Russia agreed to extend their supply reduction by even longer than expected.
