Branded petrol crosses Rs. 100 mark in Rajasthan
Branded or premium petrol price crossed Rs. 100 mark in Sriganganagar, Rajasthan as petrol and diesel prices were hiked on Wednesday for the second consecutive day. In Sriganganagar, regular petrol costs Rs. 98.40 per liter and branded petrol now come for Rs. 101.15. The fuel prices were raised by 25 paise per liter each on Wednesday, a price notification from oil marketing companies said.
State owned fuel retailers resumed daily pricing after a hiatus
In Delhi, petrol now costs Rs. 86.30 per liter and in Mumbai, Rs. 92.86. State-owned fuel retailers, Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd., and Hindustan Petroleum Corporation Ltd., had on January 6 resumed daily price revision after nearly a month-long hiatus. Since then, rates have gone up by Rs. 2.59 a liter on petrol and Rs. 2.61 in the case of diesel.
Fuel prices are now at an all-time high
Meanwhile, the diesel rate climbed to Rs. 76.23 a liter in the national capital and to Rs. 83.03 per liter in Mumbai, the price data showed. Branded petrol in Delhi comes for Rs. 89.10 a liter and for Rs. 95.61 in Mumbai. Petrol and diesel prices were on Tuesday raised by 35 paise per liter each. Fuel prices are now at an all-time high.
Difference between regular and premium fuel grades
The main difference between regular and premium fuel grades is the octane number. Regular fuel has a lower octane number, 87, while premium fuel generally gets a 91 octane rating or higher. Octane number is a measure of the ignition quality of fuel - the higher the number, the less susceptible is the fuel to "knocking" when burnt in a standard engine.
Fuel prices had touched record high in 2018
Prior to the current highs triggered by the price hikes this month, fuel prices had last touched a record high on October 4, 2018. At that time the excise duty was cut on petrol and diesel by Rs. 1.50 per liter in a bid to ease inflationary pressure. Alongside, state-owned fuel retailers cut prices by another Re. 1 a liter, which they recouped later.
No tax cut under consideration at present
However, this time, there are no indications of a duty cut so far. Petrol and diesel prices are revised on a daily basis in line with benchmark international prices and foreign exchange rates. Top oil explorer Saudi Arabia pledging additional voluntary output cuts and demand returning from the roll-out of coronavirus vaccines has led to a surge in international oil prices.
