Petrol prices have seen a rise of Rs 1.65 per litre over the last fortnight, standing at Rs 82.08. On the other hand, the prices of diesel have remained the same for over a month at Rs 73.56.
Petrol and diesel prices stood at Rs 80.43 and Rs 73.56 in Delhi for the first 15 days of August. Price of petrol started rising from August 16 by rising to 14 paise a litre that day. Since then, petrol prices have increased gradually.
Meanwhile, in Kolkata, the petrol price stood at Rs 83.57 per litre, while the price of diesel is Rs 77.06 per litre. Petrol price in Chennai is at Rs 85.04 per litre, while diesel is priced at Rs 78.86 per litre. Petrol and diesel prices in Mumbai remains unchanged at Rs 88.68 per litre and Rs. 80.11 per litre, respectively.
Brent crude witnessed an increase of 1.28 per cent today as compared to Monday. Today, it is trading at $45.86 a barrel, while yesterday it closed at $45.28 per barrel.
Fuel retailers have revised the prices of petrol about a dozen times over the last 15 days despite minor fluctuation in international rates as benchmark Brent crude price has remained between $45.4 per barrel and $45.9 a barrel.
India imports more than 80 per cent of crude oil. The Union government had removed regulations from petrol pricing in 2010 and diesel in 2014.
The Delhi government in July rolled back a VAT hike on diesel, pushing it in a competitive zone. The value-added tax was reduced from 30 per cent to 16.75 per cent. The Aam Aadmi Party government in May had increased the VAT on petrol from 27 per cent to 30 per cent and on diesel from 16.75 per cent to 30 per cent.
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