Petrol price crosses Rs 91-mark; cooking gas above Rs 500

Petrol price crosses Rs 91-mark; cooking gas above Rs 500”

The prices for petrol and diesel surged again on Tuesday. Delhi has the cheapest fuel rates among all metros with petrol costing Rs 83.73 and diesel Rs 75.09.

Among the other cities, a litre of petrol costs Rs 85.65 in Kolkata, Rs 87.18 in Chennai, Rs77.34 in Panjim. Apart from petrol, Diesel also witnessed a significant hike on Monday. In Kolkata, petrol and diesel prices were at Rs. 85.65 per litre and Rs 77.10 per litre respectively.

In the statement where Indian Oil Corporation (IOC) informed of the new applicable rates, it said that the increase in prices was on account on increase in global prices and foreign exchange valuations. Brent - the worldwide benchmark for crude oil - rose above $85 per barrel in anticipation of a tightening supply, not far off the $85.45 peak - the highest since November 2014 - in the previous session.

Sector experts also attribute the high domestic fuel prices to the high rate of excise duty across the country.

This is the fifth straight monthly increase in subsidised LPG rates. The government, however, subsidizes 12 cylinders of 14.2-kg each per households in a year by providing the subsidy amount directly in bank accounts of users.

"The increase is mainly on account of GST on revised price of Domestic Non-Subsidised LPG", the statement said.

The actual impact on subsidised domestic LPG customers is only Rs 2.89 per cylinder, which is mainly due to GST on the above, International Olympic Committee added. According to International Olympic Committee, the subsidy transfer in customers' bank account has been increased to Rs 376.60 per cylinder in October as against Rs 320.49 per cylinder in the previous month. Mumbai has the highest sales tax or VAT.

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