Petrol and diesel prices continued to rise for the 11th straight day and touch new highs across the country on Friday, February 19, 2021. In the national capital, petrol price was hiked by 31 paise per litre and diesel got dearer by 33 paise.
With the latest price hike, petrol today breached the Rs 90-mark in Delhi and is now retailing at Rs 90.19 a litre while diesel is selling at Rs 80.60. In the financial capital Mumbai, petrol price now stands at Rs 96.62 while diesel costs Rs 87.67.
In Rajasthan’s Sri Ganganagar, petrol climbed to Rs 100.82 and diesel soared to Rs 92.83 per litre. This is the highest retail price of the key auto fuels across the country. It was followed by Madhya Pradesh’s Anuppur, where petrol today costs Rs 100.57 per litre and diesel is retailing at Rs 91.04, data available on Indian Oil Corporation’s website showed. Petrol had hit the Rs 100/litre-mark for the first time on Wednesday.
Prices of petrol and diesel vary from state to state as taxes are levied on them by both central as well as the state governments along with freight charges.
Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh. Madhya Pradesh levies 33 per cent plus Rs 4.5 a litre and 1 per cent cess on petrol. On diesel, it charges 23 per cent plus Rs 3 per litre and 1 per cent cess, news agency PTI reported Thursday.
On Wednesday, Petroleum Minister Dharmendra Pradhan called on oil-exporting countries to ease production cuts, which have been contributing to rising international crude oil prices. Last week, he had told Parliament that the government is not considering a reduction in excise duty to cool rates from their record highs.
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, rose 46 cents to $63.65 a barrel on Thursday, February 18, 2021, according to the data released by Petroleum Planning and Analysis Cell (PPAC) today.
In the global markets, oil prices slid by up to 2 per cent in early trade on Friday, adding to overnight declines, on worries that refineries will take time to resume operations after the big freeze in the US South, creating a gap in demand, while OPEC+ supplies were expected to rise, news agency Reuters reported earlier in the day.
US West Texas Intermediate (WTI) crude futures fell $1.14 (1.9 per cent) to $59.38 a barrel at 0421 GMT, after declining 1 per cent on Thursday. Brent crude futures dropped $1.03 (1.6 per cent) to $62.90 a barrel, after declining 0.6 per cent on Thursday. Both benchmark contracts rallied to 13-month highs on Thursday driven by the historic freeze in US southern states, the report said.
Here’s what you pay for a litre of petrol and diesel in your city on Friday, February 19, 2021:
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|