After a three-day hiatus, fossil fuel prices in India have been hiked again today, February 9. With this current hike, the price of petrol and diesel has climbed to fresh heights. With the latest price increase, motorists in Mumbai will pay INR 93.83 a litre for petrol and INR 84.36 a litre for diesel. This is a new all-time high.
Petrol and diesel prices were hiked by 35 paise per litre each, according to price notifications of state-owned fuel retailers. Prices were last hiked by 30 paise on February 5. In 2021, rates have risen by INR 3.59 per litre in case of petrol and by INR 3.61 on diesel.
According to oil marketing companies' daily pricing formula, petrol in Delhi costs INR 87.30, while diesel prices have risen to INR 77.48 per litre.
Similarly, in Chennai, petrol is priced at INR 89.70 per litre and diesel stands at INR 82.66 per litre. In Kolkata, petrol is priced at INR 88.63 per litre and diesel costs INR 81.06 per litre.
According to the data, crude oil prices are also at their highest since January 2020. Crude oil prices rose 2 per cent on Monday to their highest in over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further US economic stimulus.
Meanwhile, last week, Oil Minister Dharmendra Pradhan told the Rajya Sabha in a written reply to a question that excise duty levied by the central government makes up for INR 32.98 per litre of the price of petrol in Delhi and sales tax or VAT of the state government constitutes INR 19.55.
Moreover, Shiv Sena workers had staged a state-wide protest on February 5 over soaring petrol and diesel prices.
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