The retail prices of petrol and diesel remained unchanged on Friday despite a fall in crude oil prices in the international market.
According to the official website of Indian Oil Corporation, on Friday, petrol now costs Rs 71.26 per litre in Delhi, Rs 76.31 per litre in Mumbai. Similarly, diesel costs Rs 69.59 a litre in Delhi, Rs 66.21 a litre in Mumbai. In Kolkata, a litre of petrol will cost Rs 73.30 per litre whereas diesel is now priced at Rs 65.62 per litre. In Chennai, a litre of petrol will cost Rs 72.28 per litre whereas diesel is now priced at Rs 65.71 per litre.
Petrol price in the national capital was hiked by Rs 1.67 a litre on Tuesday and diesel by a steep Rs 7.10 per litre after the Delhi government raised local sales tax or value-added tax (VAT) on the two fuels. This follows Delhi government's decision to raise VAT on petrol to 30 per cent from 27 per cent, previously. In case of diesel, VAT has been almost doubled to 30 per cent from 16.75 per cent.
The government on Tuesday evening hiked excise duty by a record Rs 10 per litre on petrol and Rs 13 per litre on diesel to garner Rs 1.6 lakh crore additional revenue as it repeated its time-tested formula of not passing on gains arising from a slump in international oil prices.
Crude oil prices on Thursday rose Rs 26 to Rs 1,827 per barrel as participants widened their positions on firm spot demand. On the Multi Commodity Exchange, crude oil for delivery in May traded higher by Rs 26, or 1.44 per cent, to Rs 1,827 per barrel in 6,782 lots.
Crude oil for June delivery was up by Rs 14, or 0.72 per cent, to Rs 1,970 per barrel with an open interest of 1,183 lots. However, globally, West Texas Intermediate crude oil was trading lower by 0.50 per cent at USD 23.87 per barrel and Brent crude slipped 0.91 per cent at USD 29.45 per barrel in New York.