Story of the day – Fuel Prices at all-time high

Petrol prices have hit a record high of 76.24 rupees per litre and diesel shot up to its highest ever level of 67.57 rupees per litre. Oil PSUs passed on four weeks of relentless increases in international oil prices to Indian consumers.

Fuel [prices in Delhi tend to be the least expensive India. Petrol went up by 33 paisa per litre in Delhi. This is the highest price since daily price revision came into force in mid-June 2017. It is a similar story for diesel, as it went up by 26 paisa, according to price notification issued by state-owned oil firms. 

Which is why going in to fill fuel at a gas station now-a-days feels like having a beer at a bar stock exchange outlet. In reverse. Prices are always fluctuating and the more people fill fuel, the more it goes up instead of down. Fine, that’s an exaggeration but it does feel like that some days.

Today’s rise in prices is the seventh straight day of increase since oil PSUs resumed daily price revision or fuel prices on May 14th two days after a 3-week-hiatus courtesy the Karnataka polls. In all, petrol prices have gone up by Rs 1.61 a litre and diesel by 1.64 in last seven days.

The hit is harder on consumers in other places. Rates vary across various states depending on local sales tax or VAT. Petrol is costliest in Mumbai where high local taxes result in one litre of petrol costing 84.07 rupees per litre. Petrol has reached Rs 81.83 in Bhopal, 81.73 in Patna, Rs 80.76 in Hyderabad. Fuel is cheapest in Panjim where a litre costs Rs 70.26. Just one more reason to love Goa, isn’t it?

A litre of diesel now costs Rs 71.94 in Mumbai, 70.12 in Kolkatta and Rs 71.32 in Chennai.

Diesel is the cheapest in Port Blair at Rs 63.35.