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Petrol, diesel prices at three-year high

NEW DELHI, Sep 13 (Agencies)
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Published on 14 Sep. 2017 12:51 AM IST
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Petrol and diesel prices have risen to their highest in three years in some cities in the country, following a sharp rise in international rates driven by the hurricane-induced shutdown of refining capacity in the US.
Petrol price in Mumbai rose to its highest since August 2014 while diesel prices reached their peak since August 2014 in Kolkata and Chennai. In Delhi, Kolkata and Chennai, petrol prices are at their peak since January this year. Since July 1, petrol has climbed Rs 5.18 per litre in Mumbai, and diesel by Rs 5.75 per litre in Kolkata, and Rs 5.71per litre in Chennai.
On Tuesday, petrol cost Rs 79.48 per litre in Mumbai and Rs 70.38 per litre in Delhi while diesel was priced at Rs 62.37 per litre in Mumbai and Rs 58.72 per litre in Delhi. Prices vary according to local levies imposed by different states. 
Petrol and diesel aren’t in the ambit of the goods and services tax and the rate of taxes imposed by states vary.
Indian fuel retailers such as Indian Oil, Bharat Petroleum and Hindustan Petroleum started daily revision of prices of petrol and diesel from the middle of June, replacing the previous practice of fortnightly revision. Companies align local fuel prices with international rates and account for currency fluctuations in daily revision.
Daily price changes are small and rarely make it to the headlines and go largely unnoticed. The recent price spike is expected to result in enormous gains for oil companies who while charging higher fuel prices also benefitted from lower crude rates as refinery shutdown in US cut demand for crude oil.


 
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Tags : Petrol diesel prices 
 
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