NEW DELHI: Petrol price is set to breach its previous record, thanks to hefty doses of Central and state taxes magnifying the impact of a sharp rebound in global crude as Covid-19 vaccine rollout and Saudi offer to cut output buoyed the market.
\nPetrol price rose 26 paise to Rs 83.97 a litre and diesel 25 paise to Rs 74.12 in Delhi as fuel retailers resumed daily revisions after a month\u2019s gap on Wednesday, coinciding with benchmark Brent almost touching $54\/barrel, the highest since February 2020.
\nPetrol is just 3 paise short of its October 4, 2018 record of Rs 84 a litre in Delhi. But diesel is still Rs 1.33 short of the previous record of Rs 75.45 a litre. Prices are bound to rise further as the impact of hardening oil prices deepens in the coming days.
\nCrude has been on an upswing lately and gained about 5% in the last three days as the OPEC-Plus grouping looked to not increase production. The Saudi offer to cut output by a million barrels, made late on Tuesday, further raised hopes of an early rebalancing of the oil market.
\nFor fuel consumers, though, the high Central excise and VAT are a bigger worry as they amplify the effect of any increase in crude prices. Taxes roughly make up about 60% of the prices.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: Petrol price is set to breach its previous record, thanks to hefty doses of Central and state taxes magnifying the impact of a sharp rebound in global crude as Covid-19 vaccine rollout and Saudi offer to cut output buoyed the market. Petrol price rose 26 paise to Rs 83.97 a litre and diesel 25 paise to Rs 74.12 in Delhi as fuel retailers resumed daily revisions after a month\u2019s gap on Wednesday, coinciding with benchmark Brent almost touching $54\/barrel, the highest since February 2020. Petrol is just 3 paise short of its October 4, 2018 record of Rs […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-393986","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/393986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=393986"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/393986\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=393986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=393986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=393986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}