Petrol price nears Rs 80 in Delhi, diesel at all-time high

Petrol and diesel prices have increased for the 16th consecutive day. There has been an increase of 33 paise for petrol and 58 paise for diesel on Monday. Prices for petrol have increased by Rs 8.30 and Diesel by Rs 9.5 in 16 consecutive hikes. Diesel is currently at an all-time high.

According to state-run oil marketing companies, a litre of petrol costs Rs 79.56 in Delhi, while it costs Rs 86.36 in Mumbai, Rs 82.87 in Chennai and Rs 81.27 in Kolkata. Diesel on the other hand has shot up to Rs 78.85 in Delhi and Rs 77.24 in Mumbai. The increase in the rates of petrol and diesel varies across India depending on local taxes and VAT.

Here's the price of petrol and diesel in the metro cities:

• Delhi: Petrol: Rs 79.56 per litre, Diesel: Rs 78.85 per litre
• Mumbai: Petrol: Rs 86.36 per litre, Diesel: Rs 77.24 per litre
• Kolkata: Petrol: Rs 81.27 per litre, Diesel: Rs 74.14 per litre
• Chennai: Petrol: Rs 82.87 per litre, Diesel: Rs 76.30 per litre

Taxes make for most of the retail selling price for both petrol and diesel. When it comes to the breakup, the base price for petrol is Rs 22.11 in Delhi. Along with freight charges of 0.33 per litre, excise duty of Rs 32.98, VAT of Rs 17.71, and other charges, the total price ends up at nearly Rs 80 in Delhi.

Similarly, in diesel, the base price is Rs 22.93 in Delhi. But the retail selling price includes Rs 31.83 of excise duty, Rs 23.23 charged to dealers and Rs 17.60 of VAT.

Meanwhile, Brent crude rose 9 cents, or 0.2 per cent, to $42.28 a barrel on Monday, while US crude was at $39.76 a barrel, up 1 cent. Both contracts rose about 9 per cent last week and Brent crude futures flipped into backwardation, where oil for immediate delivery costs more than supply later, usually an indication of tightening supply. Oil prices increased on tighter supplies from major producers, but concerns that a record rise in global coronavirus cases could curb a recovery in fuel demand checked gains.

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