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Today, Diesel In Delhi Costs More Than What Petrol Did Just 8 Months Ago: 10 Points
Petrol, diesel prices were kept steady on Wednesday Petrol in Delhi costs most since September 2013, diesel highest ever Petrol, diesel prices have risen sharply this year on global crude rates
25 Apr 2018, 05:32 PM IST 
At present, petrol costs Rs 74.63 per litre in Delhi while diesel retails at Rs 65.93 per litre
- At Rs 65.93 per litre, today's diesel price in Delhi is more than what petrol cost in the national capital on August 3, 2017. On that day, petrol retailed at Rs 65.69 per litre in Delhi, data showed.
- At present, diesel price in Delhi is at a fresh all-time high, meaning it has never been this expensive in the national capital before. The price has held above Rs 65 per litre since April 14, 2018. (Also read: Government Rules Out Excise Duty Cut To Cushion Petrol Prices)
- Petrol price in Delhi is at its highest recorded level since September 14, 2013, when the fuel retailed at Rs 76.06 per litre in the national capital. That means, petrol is retailed at its most expensive level in Delhi in four years and seven months. (Also read: Clean Petrol, Diesel At Delhi Petrol Pumps)
- Petrol prices are up Rs 1.08 per litre in Delhi, Rs 1.06 per litre in Kolkata, Rs 1.07 per litre in Mumbai and Rs 1.14 per litre in Chennai so far this month. During this period, diesel prices have been increased by Rs 1.53 per litre, Rs 1.54 per litre, Rs 1.62 per litre and Rs 1.63 per litre respectively.
- Currently, petrol and diesel prices across the country are revised by state-run oil marketing companies - Indian Oil, Bharat Petroleum and Hindustan Petroleum - on a daily basis, effective 6 am.
- This new system of daily rate revisions has been adopted by state-run oil marketing companies from June 2017, dumping a 15-year old practice of revising rates on the 1st and 16th of every month.
- Finance Minister Arun Jaitley had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs. 2 a litre. Subsequent to that excise duty reduction, the Centre had asked states to also lower VAT, but just four of them - Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh - reduced rates. (Also read: Oil minister for bringing petrol under GST)
- The prices are broadly determined by international crude oil and rupee-dollar forex rates. India imports about 80 per cent of its annual crude oil requirement.
- Banking and financial services company Standard Chartered has raised its 2018 crude oil price forecasts by $10 saying that the market has begun to acknowledge the importance of OPEC-led production cuts. The British bank, which revised its forecasts for the first time in almost a year, saw Brent and WTIcrude prices averaging $71 a barrel and $68 a barrel respectively this year.
- The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia have agreed to cap output by about 1.8 million bpd in a deal running from January last year until the end of 2018.
(With agency inputs)