Petrol, Diesel Prices Rise On Wednesday, Biggest Increase In Rates Since July

New Delhi, News Nation Bureau | Updated : 18 September 2019, 08:19 AM

Petrol, Diesel Prices Today: Petrol and diesel prices on Wednesday saw the biggest hike in months. The petrol and diesel prices in India rose after spike in global oil prices following attacks on Saudi Arabian crude oil facilities. The price of Petrol increased by 25 paise per litre to Rs 72.42 and price of diesel rose by 24 paise to Rs 65.82 per litre in Delhi on Wednesday. On Tuesday, petrol price had increased by 14 paisa per litre to Rs 72.17 and diesel by 15 paisa to Rs 65.58 per litre in the national capital. This increase is the biggest single-day hike since the July 5 maiden Budget of Finance Minister Nirmala Sitharaman that raised rates by almost Rs 2.50 a litre due to an increase in excise duty on fuel.

The increase in petrol and diesel prices followed nearly 20 per cent surge in international oil prices in intraday trading -- the biggest jump in almost 30 years - in response to attacks halving Saudi Arabia's output.

Oil Minister Dharmendra Pradhan said India, the world's third-largest oil consumer, is keeping a close watch on the developing situation. He, however, said that oil supplies from Saudi Arabia, India's second-biggest source, have not been disrupted. India imports 83 per cent of its oil needs. Saudi Arabia is its second-biggest supplier after Iraq.

Fuel (Petrol, Diesel, CNG) Rates In Indian Cities

The price of CNG is Rs 47.10 in Delhi this month. In Noida, petrol is retailing at Rs 74.27 a litre. Diesel price in Noida rose to Rs 66.13 a litre, as per data from Indian Oil Corporation website. The price of CNG is Rs 52.95 in Noida. The price of petrol in Gurugram went up to Rs 72.47 a litre while diesel was selling at Rs 65.16 per litre. The price of CNG is Rs 58.45 in Gurugram.

People in Mumbai will have to pay Rs 78.10 for a litre of petrol while a litre of diesel will cost Rs 69.04 per litre. In Chennai, the retail price of petrol price was increased to Rs 75.26 a litre. Diesel costs Rs 69.57 a litre. In Kolkata, petrol is retailing at Rs 75.14 a litre on Wednesday while diesel price climbed to Rs 68.23.

Why Fuel Prices Change Every Day?

The fuel prices are in India are revised on a daily basis. Petrol Prices are revised every day at 06:00 am to sync it with the variation in global oil prices. When international crude oil prices gain, prices in India move higher. Other factors also impact the price of fuel like rupee to US dollar exchange rate, cost of crude oil, global cues, demand for fuel, and so on.   

Why Fuel Prices Differ In Every City?

Price of fuel includes excise duty, value added tax (VAT), and dealer commission. As VAT varies from state to state, the price of fuel is different in every city. 

(Disclaimer: This information is based on external sources and News Nation is not responsible for any difference in the rates)

First Published: Wednesday, September 18, 2019 07:53 AM
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