New Delhi, April 23: Fuel prices in India continue to increase even as the international crude oil prices dipped on Monday. Petrol prices hit a record high of Rs 74.50 a litre in New Delhi which is the highest level under the BJP-led government. Meanwhile, diesel prices touch a record high of Rs 65.75.

India imports 80 percent of his crude oil requirement. It has the highest retail prices of petrol and diesel among South Asian nations as taxes account for half of the pump rates. The petrol prices are the highest since September 14, 2013 when rates had hit Rs 76.06. Diesel prices at Rs 65.75 are the highest ever. This new system of daily rate revisions has been adopted by state-run oil marketing companies from June 2017. Before this, rates were used to revise on the 1st and 16th of every month.

Price of Petrol on April 23, 2018

Metros Price (in Rs)
Delhi 74.50
Mumbai 82.35
Kolkata 77.20
Chennai 77.29

Price of Diesel on April 23, 2018

Metros Price (In Rs)
Delhi 65.75
Mumbai 70.01
Kolkata 68.45
Chennai 69.37

The Petrol and diesel prices become 10 paise dearer in all the metro cities as compared to yesterday. The prices are broadly determined by international crude oil and rupee-dollar forex rates. The petrol and diesel prices across the country are revised by state-run oil marketing companies on a daily basis, effective 6 am. Finance Minister Arun Jaitley excise duty nine times between November 2014 and January 2017. The central government had cut excise duty by Rs. 2 per litre in October 2017.

Oil Ministry had earlier this year sought a reduction in excise duty on petrol and diesel, but no releife was given in the budget presented by Arun Jaitley on February 1. The Centre had asked states to also lower VAT but just four of them - Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh reduced rates.

 

(The above story first appeared on LatestLY on Apr 23, 2018 11:03 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).