Petrol price today: Just two days after the government provided relief from fuel prices, petrol prices are on the boil again and have soared to Rs 87.73 in Mumbai. Petrol prices were hiked by 23 paise in national capital Delhi to Rs 82.26. In Chennai, one litre of petrol is retailing for Rs 85.50. In case of Kolkata, petrol is retailing for Rs 84.09, data from IOC website showed. The price of diesel has also seen a hike of 0.31 paise and it is now selling for Rs 77.68 per litre in Mumbai.
After petrol prices had peaked to a record high of Rs 91.34 in Mumbai, the Narendra Modi-led government last Thursday announced a cut of Rs 2.5 slash in petrol and diesel prices, which led to several states across the country following suit. It was a relief for the common man as petrol and diesel prices fell by up to Rs 5 in the major metros after the announcement.
On the basis of reduction in prices announced, the estimated loss of income to Maharashtra exchequer was estaimted to be about Rs 1,800 crore. Many BJP-ruled states including Uttar Pradesh, Gujarat, Haryana and Chhattisgarh announced followed suit to provide additional relief of Rs 2.5. As many as 12 states have reduced petrol prices by Rs 2.5.
This is the second excise duty cut announced by the government in one year as crude oil prices surged from $55 a barrel to $86 a barrel since September 2017. Last year, on October 3, the Narendra Modi government had announced an excise duty cut of Rs 2 a litre on petrol and diesel.
Meanwhile, oil prices held little changed on Tuesday, as more evidence emerged that crude exports from Iran are declining in the run-up to the reimposition of U.S. sanctions, while a hurricane moved across the Gulf of Mexico, Reuters reported.