New Delhi April 24 (IANS) A rise in global crude oil cost to around $75 per barrel lifted the domestic retail petrol price higher for the sixth consecutive day in New Delhi on Tuesday.
Consequently the widely-consumed transportation fuel became dearer by 13 paise to Rs 74.63 per litre from Monday s cost of Rs 74.50 per litre.
As per data available on IndianOil s website Tuesday s motor spirit price level in New Delhi was the highest since September 14 2013 when it had touched Rs 76.06 a litre.
Besides New Delhi petrol prices climbed to new multi-year highs in other major metro cities -- Kolkata Mumbai and Chennai -- at Rs 77.32 Rs 82.48 and Rs 77.43 per litre respectively on Tuesday.
The previous highs in these cities were Rs 78.03 (Kolkata August 2014) Rs 83.62 (Mumbai September 2013) and Rs 77.48 (Chennai September 2013).
Apart from petrol diesel prices too touched record high levels on Tuesday in Delhi Kolkata Mumbai and Chennai. They rose to Rs 65.93 Rs 68.63 Rs 70.20 and Rs 69.56 per litre respectively.
According to analysts the recent upsurge in the costs of transportation fuel have been triggered due to a rise in global crude oil prices.
On Tuesday Brent crude price rose to $75 per barrel due to geo-political tensions in the Middle East whereas it cost over $100 a barrel in 2013.
Currently prices of transport fuels are changed on a daily basis unlike the previous norm of fortnightly revisions.
In addition the high rate of excise duty has contributed to the rise of transportation fuel prices.
In the Union Budget 2018-19 the government had reduced the basic excise duty on petrol and diesel by Rs 2. The government also abolished additional excise duty on fuel. But to compensate the move on the fiscal front it increased the road cess to Rs 8 per litre.
--IANS
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