New Delhi: Petrol has become costlier by 9% and diesel by more than 10% in the country in the last two months due to increase in crude oil prices in the international market.
According to the country’s largest oil marketing company Indian Oil Corporation, the price of petrol has increased by Rs 4.58 and diesel by Rs 4.03 in June in the national capital Delhi.
Earlier in May too, petrol became costlier by Rs 3.83 and diesel by Rs 4.42. Thus, petrol has become costlier by Rs 8.41 (9.30 per cent) and diesel by Rs 8.45 (10.47 per cent) in two months.
The current sequence of increasing the price of petrol and diesel started from May 04. Earlier in March and April, the prices of both the fuels were cut marginally.
Prices were raised for 16 days in May while there was no change for the remaining 15 days. In June also, prices have increased for 16 days while remaining 14 days have remained stable.
The main reason for the increase in prices is the increase in the prices of crude oil in the international market.
London’s Brent crude, which is considered the standard of crude oil, was priced at $ 67.66 per barrel on April 30, which has now risen to close to $ 75 per barrel.
More than half of the high price of petrol and diesel in the country is made up of heavy taxes on them.
Taxes and duties on petroleum products are a major source of income for the central and state governments.
For this reason, petroleum products have been kept out of the purview of the Goods and Services Tax (GST).
Talking about the national capital Delhi, as per the last data available on June 16, the price of petrol was Rs 96.66 per litre.
In this, the price of petrol coming out of Indian Oil’s refinery was Rs 37.29.
Petrol pump owners got Rs 37.65 per litre of petrol with an average transportation cost of 36 paisa. The dealer got a commission of Rs 3.80 per litre.
On this, after adding excise duty of Rs 37.65 to the central government and VAT of Rs 22.31 to the state government, the price rose to Rs 96.66 per litre.
Similarly, on June 16, a diesel dealer sold for Rs 87.41 got Rs 40.23. The dealer’s commission became Rs 2.59.
On diesel, the central government charges an excise duty of Rs 31.80 while the Delhi government charges Rs 12.79 as VAT.
Petrol-diesel prices are reviewed daily and based on that new prices are implemented every day from 6 am. Oil marketing companies did not change the price today.