New Delhi, Jan 23: A rally in global crude oil prices petrol prices in the national capital to an three-year high level on Tuesday.
Petrol prices increased to the over three-year high level of Rs 72.23 per litre on Tuesday from Monday’s Rs 72.08 per litre.
As per the data from IndianOil, the previous high for petrol prices in Delhi was Rs 72.51 a litre reported on July 1, 2014.
While in other major metro’s Mumbai and Kolkata and Chennai, petrol rose to at Rs 80.10 per litre, Rs 74.94 and Rs 74.91 respectively.
The previous highs in Mumbai and Kolkata and Chennai were Rs 80.60 (August 2014), Rs 75.46 (October 2014) and Rs 74.91 (August 2014) respectively.
Similarly, there was an appreciation in diesel prices across the metro cities, As on Tuesday, prices of diesel in Delhi, Kolkata and Chennai touched record of Rs 63.01 per litre, 65.67 and Rs 66.44 respectively.
In Mumbai, diesel was priced at Rs 67.10 per litre — the highest level since August 2014 when it was sold at Rs 67.26 a litre.
The jump in diesel prices several key metros assumes significance as the fuel is the mainstay of the transportation sector and will have a consequent upward effect on inflation.
Several factors like production curbs by the Organization of the Petroleum Exporting Countries and high demand have led to a surge in crude oil prices to a three-year high. As on January 23, Brent crude oil prices hovered around $70 a barrel.
Besides global factors, daily price revision allows for a sudden hike in domestic fuel prices which showcases international trends.
Meanwhile, imposition of various state taxes and levies generally increases prices.
At present, the diesel and petrol do not fall under the ambit of the Goods and Services Tax (GST) regime.
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