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27 August 12:00 AM

Petrol price soars to 4-year high, Diesel hits all-time high

Petrol and diesel prices in India will cost dearer from today as oil marketing companies raise prices amid rising global crude oil prices globally. Petrol prices will cost 10-12 paise more in the major metros Delhi, Kolkata, Mumbai and Chennai at Rs 73.83, 76.54, 81.69 and 76.59 respectively, Financial Express reported. 

Following a price revision process, oil marketing companies revise petrol and diesel prices on a daily basis.

Notably, petrol prices have peaked to a 4-year high in  Delhi, while Diesel prices have soared to all-time high levels. In Delhi, petrol prices stand at at Rs. 73.83 per liter, the highest since September- 2013, when rates had hit Rs. 76, data from Indian Oil website showed. Meanwhile, diesel prices have soared to life-time high levels at Rs 64.69 a liter in Delhi, Rs 67.38 in Kolkata, Rs 68.89 in Mumbai and Rs. 68.24 in Chennai.

Earlier, the government had cut excise duty by Rs 2 per liter in October-17, when petrol prices had breached the Rs 70 mark to Rs. 70.88 per litre in Delhi and diesel had risen to Rs 59.14. However, the impact of excise duty cut of Rs 2 per liter on retail fuel has been substantially reversed due to the steep rise in the global crude oil prices. Globally, oil prices rose on the back of drop in U.S. drilling activity as well as by expectations that the United States could re-introduce sanctions against Iran. 

According to a Reuters report, U.S. WTI crude futures were at $65.21 barrel at 0122 GMT, up 27 cents, or 0.4 percent, from their previous settlement.

Earlier, the oil ministry had sought a reduction in excise duty on petrol and diesel to hedge against the impact rising global oil prices. FM Arun Jaitley had hiked excise duty nine times between November 2014 and January 2016 to help and improve the fiscal position even as global oil prices fell.

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