Economy

Diesel And Petrol Prices In Bhubaneswar On Thursday, Check Rates Here

Diesel And Petrol Prices In Bhubaneswar On Thursday, Check Rates Here”

Today, Central and state taxes account for about 60% of the price of a litre of petrol or diesel.

Diesel touched an all-time high of Rs 80.78 in Mumbai after the first price revision in almost a month. "Of which, the majority of citizens want the prices to be reduced by 20 percent or by Rs 6 or more for both petrol and diesel", it said.

The cost of crude is around 51 dollars which means petrol should be around Rs 23 a litre but the prices are more than double which is highest in 73 years. This is the highest level of retail price of petrol in the national capital after October 4, 2018 when its price had risen to Rs 84 a litre.

The government had then responded by cutting excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. In Mumbai, petrol comes for Rs 90.83 a litre and diesel for Rs 81.07.

More news: UK lawmakers overwhelmingly approve England lockdown

Though petrol and diesel rates are to be revised on a daily basis in line with benchmark global price and foreign exchange, government-controlled fuel retailers have been moderating rates since the pandemic broke out.

Similarly, petrol price also reached very close to record level of Rs 85.80 a litre in Kolkata increasing to Rs 85.68 a litre on Thursday. Diesel in Mumbai on Wednesday at Rs 80.78 a litre is higher than the October 4, 2018 rate of Rs 80.10.

International Oil prices rose on Wednesday to their highest since February 2020. Brent crude rose as much as 0.9% to $54.09 a barrel, the highest since February 26, 2020.

On Tuesday, Saudi Arabia, the world's biggest oil exporter, agreed to make additional, voluntary oil output cuts of 1 million barrels per day (bpd) in February and March, after a meeting with the Organization of the Petroleum Exporting Countries (OPEC) and other major producers. At the time of writing this article, Brent was trading at $54.15 per barrel, while West Texas Intermediate was trading at $50.63 a barrel.



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