After a pause yesterday, petrol prices were hiked to fresh record high levels in metros on Thursday. In financial capital Mumbai, one litre of petrol was hiked to Rs 89.60, implying a hike of 6 paise from previous all-time high levels. In national capital Delhi, petrol is retailing at 82.22, a hiked of 6 paise from Tuesday’s all-time high prices. In case of Kolkata, one litre of petrol is selling was Rs 84.07 in Kolkata and Rs 85.74 in Chennai. The revised rates are applicable from 6 am this morning. The oil marketing companies (OMCs) kept the fuel prices unchanged today for the first time since September 12.
The Maharashtra government is considering increasing excise duty on Indian-made foreign liquor (IMFL), so as to create some fiscal space for slashing the tax on petrol and diesel, PTI reported an official as saying on Wednesday. “The idea is to increase the excise duty on IMFL, especially on the largely consumed mid-segment liquors, so that government would earn more revenue. Then we can reduce taxes on petrol and diesel and counter the criticism (of soaring fuel prices),” the agency reported the unidentified official as saying.
U.S. oil prices extended gains on Thursday amid another drawdown in U.S. crude inventories and strong local gasoline demand, while signs OPEC may not raise output to address shrinking supplies from Iran also buoyed markets. U.S. West Texas Intermediate crude for October delivery was up 31 cents, or 0.4 percent, at $71.43 a barrel by 0018 GMT, after settling up $1.27. Front-month London Brent crude, for November delivery , was down 2 cents at $79.38, having ended up 37 cents.