Petrol and diesel prices: The government has indicated short-term and long-term solutions to rising Petrol and diesel prices today were hiked for the sixteenth straight day across the country.
On Tuesday, petrol prices in Delhi, Mumbai and Chennaiwere at Rs 78.43 per litre, Rs 86.24 per litre and Rs 81.43 per litre while diesel prices were at RsRs 69.31 a litre, Rs73.79 a litre and Rs73.18 a litre respectively, according to Indian Oil Corporation.
In Kolkata, while petrol price crossed Rs 82 per litre for the first time ever, diesel price was only 14 paise away from Rs 72 per litre.The continued increase in domestic petrol and diesel prices is a result of higher global crude oil prices along with weakness in the rupee against the US dollar, among other factors.
The government had last week indicated both short-term as well as long-term solutions to the rising fuel prices in the country.
( Petrol, Diesel Should Be Brought Under GST: Nitin Gadkari)A comparison of petrol and diesel prices in different parts of the country showed that fuel prices were the lowest in Port Blair, Andaman and Nicobar.
With effect from 6 am on Tuesday, May 29, petrol was sold at Rs.
67.55 per litre and diesel at Rs.
64.93 per litre in Port Blair, according to Indian Oil Corporation, the country's largest fuel retailer.
With that, Port Blair, Panjim, Agartala, Aizwal and Itanagar were the five cities with minimum petrol prices compared with the rest of the country.
In case of diesel, other than Port Blair, Itanagar, Aizwal, Chandigarh and Imphal were the top cities with minimum prices.Metro/state capitalPetrol price on May 29 inRs.per litreMetro/state capitalDiesel price on May 29 inRs.per litrePort Blair67.55Port Blair64.93Panjim72.28Itanagar66.54Agartala74.07Aizwal66.55Aizwal74.19Chandigarh67.31Itanagar74.21Imphal67.35Chandigarh75.43Agartala67.37Daman76.2Kohima67.64Silvasa76.27Shimla68.93Imphal76.48Shillong69.1Kohima76.85Jullunder69.2Pondicherry77.17Delhi69.31Bhubhaneswar77.23Lucknow69.47Gandhinagar77.72Dehradun69.65Shillong77.77Ambala69.83Ranchi77.98Daman70.06Delhi78.43Silvasa70.13Ambala78.53Jammu70.47Shimla78.58Bangalore70.5Raipur78.8Panjim70.55Lucknow78.82Gangtok71Dehradun79.34Pondicherry71.59Bangalore79.71Kolkata71.86Jammu80.1Guwahati72.37Guwahati80.66Srinagar72.69Kolkata81.06Bhopal72.95Jaipur81.22Ranchi73.16Chennai81.43Chennai73.18Gangtok81.45Jaipur73.79Trivandrum82.62Mumbai73.79Srinagar82.8Patna74.01Hyderabad83.08Bhubhaneswar74.3Jullunder83.7Gandhinagar74.49Patna83.89Raipur74.82Bhopal84.06Trivandrum75.2Mumbai86.24Hyderabad75.34(Source: iocl.com)Brent crude oil prices in the international market have cooled off slightly on prospects that major producers may reverse some of the production cuts they have maintained for 17 months.
If crude oil continues its downward movement, it might result in some relief for the domestic fuel consumer, say analysts.
However, the rupee's movement against the US dollar also needs to be watched.Other than global crude prices and rupee-dollar forex rates, excise duty imposed by the Centre and VAT or value-added tax by the states are also responsible for the final price that consumers have to pay at the fuel stations.
That is why there is a wide variation in petrol and diesel prices across different states.