Petrol and diesel prices rose for the 12th straight day across the country breaching previous highs.
While the price of diesel in Delhi is Rs 69.17/litre and it is Rs 73.64/litre in Mumbai.Diesel in Kolkata and Chennai is being sold at Rs 71.72/litre and Rs 73.03/litre respectively.
Fuel is traded in dollars, so a weak pound makes the wholesale price more expensive for United Kingdom drivers.
Interestingly, the hike came in the wake of marginal drop in price of crude oil in the worldwide market.
Brent crude futures, the worldwide benchmark for oil prices, traded at $74.76 a barrel on the ICE. The incidence of Central and state government taxes were the instruments for normalizing oil prices in the country which were kept at low rates so that the pressure on consumer was not too high. The Indian government benefited from falling crude prices since November 2014 and shore up its finances by hiking excise duty on fuel nine times between November 2014 and January 2016.
These prices are effective from 6 am on Monday. Here's one from me: Reduce Fuel prices or the Congress will do a nationwide agitation and force you to do so.
The price of petrol was increased by 15 paise per litre on Monday, taking it beyond Rs 86 in Mumbai. During the day, it tanked 11.44 per cent to Rs 155.45. We should remember that NDA government raised excise duty on nine occasions between November 2014 and January 2016 increasing its excise collections from mere Rs 99,184 crore in FY 15 to Rs 2,42,691 crore on FY17 and nearly similar collections in FY 18.
OMCs take into consideration the daily performance of global crude oil, government's excise duty and state's Value-Added Tax for deriving final retail prices in India. While the crude oil went below the mark of $30, fuel prices have not come down, accordingly.