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Petrol at Rs 75.32 in Delhi as crude oil prices surge

Thursday - May 17, 2018 3:28 pm , Category : BUSINESS
 Petrol at Rs 75.32 in Delhi as crude oil prices surge
Petrol at Rs 75.32 in Delhi as crude oil prices surge
Mumbai May 17 (IANS) A surge in crude oil prices pushed the cost of petrol in the country further higher on Thursday with the transport fuel being sold at Rs 75.32 per litre in the national capital.
With this the price of petrol in Delhi inched further close to the previous high of Rs 76.06 a litre reached in September 2013.
In the other major cities of Kolkata Mumbai and Chennai also petrol was priced at multi-year highs on Thursday -- Rs 78.01 Rs 83.16 and Rs 78.16 per litre respectively.
The previous highs in these cities were Rs 78.03 (Kolkata August 2014) Rs 83.62 (Mumbai September 2013) and Rs 79.55 (Chennai September 2013) respectively.
Similarly prices of diesel -- the fuel largely used for transportation of food and agriculture products and in turn affecting inflation -- also rose to fresh all-time high levels across metros.
In Delhi Kolkata Mumbai and Chennai diesel was priced at Rs 66.79 Rs 69.33 Rs 71.12 and Rs 70.49 per litre respectively -- all at unprecedented levels.
This rise in transport fuel prices comes as crude oil prices continue to gain. On Thursday brent crude oil edged close to $80 per barrel and is currently over $79 per barrel.
Prices of transport fuels are now changed on a daily basis unlike the previous norm of fortnightly revisions.
However the Indian Oil Corporation had suspended the dynamic pricing system for 19 days "to avoid creating unnecessary panic among the consumers" until resuming it on Monday May 14.
In addition the high rate of excise duty has also contributed to the rise in prices.
In the Union Budget 2018-19 the government had reduced the basic excise duty on petrol and diesel by Rs 2. The government also abolished additional excise duty on fuel. But to compensate the move on the fiscal front it increased the road cess to Rs 8 per litre.

--IANS rrb/in/vm

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