Petrol price to rise by 5 cents

Fuel prices clock record high Petrol at Rs 86.25 in Mumbai highest for any metro

The Department of Energy Minister, Jeff Radebe on Monday announced fuel prices will remain unchanged.

The only increase that will be factored into the price for September is a retail margin increase of 4.9c per litre, to be placed on the retail price on 5 September 2018.

The excise duty has remained unchanged for the past four months but the Value-Added Tax applied on diesel today is Rs 10.12 per litre and that on petrol is Rs 16.42 per litre.

Diesel, too, hit a new high of Rs 75.54/litre in Mumbai and Rs 71.15 per litre in Delhi on Monday. On that day, the rate in Mumbai was ₹86.24 per litre.

In Delhi, the petrol price touched Rs 79.15 per litre which is an increase by Rs 0.31/litre. Delhi is the cheapest in all metros and most state capitals due to lower sales tax or VAT. There is a pressure on oil prices due to a decrease in production.

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In Mumbai and Chennai, however, diesel prices went up by 42 paise a litre on Monday, with the fuel priced at Rs 75.54 in Mumbai, and Rs 75.19 in Chennai.

State oil companies barely import petrol or diesel for the local market but charge customers prices based on the worldwide rates.

The appreciation of dollar against rupee has also pushed up rates for compressed natural gas (CNG) as well as piped natural gas (PNG) since the price of gas procured by city distributors is mostly dollar-denominated.

Diesel rates on Monday were hiked by 39 paise a litre, the steepest increase since the daily revision in prices was introduced in mid-june 2017.

Global crude oil prices have been hovering around $75 per barrel for quite some time due to several global factors, including a cut in oil production and USA sanctions against Iranian oil import. Diesel prices on the other hand have risen by ₹2.42 a litre during this period.

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