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Petrol prices soar to new all-time high to above Rs 89 in Mumbai; check latest rates for metros

Petrol prices increased by 34 paise in Mumbai, from Rs 88.67 to Rs 89.01.

Petrol prices continue to breach record high levels in quick succession, and crossed the Rs 89 mark in Mumbai on Saturday. Petrol prices increased by 34 paise in Mumbai, from Rs 88.67 to Rs 89.01. In national capital Delhi, one litre of petrol is now retailing at Rs 81.63, up by 35 paise from yesterday. One litre of petrol is retailing at Rs 83.49 in Kolkata, and Rs 84.85, data sourced from IOC website showed.

Diesel prices, on the other hand, registered a surge in Delhi and Mumbai. It is retailing at Rs 73.54 per litre (increased by Rs 0.24 per litre) in the national capital and at Rs 78.07 per litre (increased by Rs 0.25 per litre) in the financial capital. Even as the Opposition protested against the rising fuel prices across the country on Monday, the centre has ruled out any immediate reduction in excise duty in order to bring down the retail prices of auto fuels, and instead urged the states to take action.

Accordingly, Poll-bound Rajasthan announced a cut of 4% on Value Added Tax (VAT), followed by a reduction of Re 1 per litre by West Bengal and Rs 2 a litre by Andhra Pradesh on both petrol and diesel. According to SBI Research, states stand to get a windfall gain of Rs 22,000 crore due to increase crude oil prices. By looking into the $1/barrel increase in oil prices, this translates Rs 1,513 crore to all the major 19 states. The largest gain would be in Maharashtra (Rs 3,389 crore) followed by Gujarat (Rs 2,842 crore), the SBI research said.

Source: Financial Express