23 January,2018 08:13 PM IST | New Delhi | IANS
Representational picture
New Delhi: A rally in global crude oil prices pushed petrol prices in the national capital to an over three-year high level on Tuesday. Petrol prices rose to the over three-year high level of Rs 72.23 per litre on Tuesday from Monday's Rs 72.08 per litre.
According to data from IndianOil, the previous high for petrol prices in Delhi was Rs 72.51 a litre reported on July 1, 2014.
ALSO READ
JNU to teach Indian knowledge traditions across all disciplines
Four-member panel to probe Jhansi hospital fire, submit report in 7 days
2 FIRs registered against social media operators for 'campaigns to malign image of Jharkhand, CM'
Forces directed to take necessary steps to restore peace in Manipur: MHA
Mattel’s Wicked A-rated mishap
In the other key metro cities of Mumbai and Kolkata and Chennai, petrol was priced 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 throughout metro cities. On Tuesday, prices of diesel in Delhi, Kolkata and Chennai touched record highs of Rs 63.01 per litre, 65.67 and Rs 66.44 respectively.
In Mumbai, diesel was sold at Rs 67.10 per litre -- the highest level since August 2014 when it was priced at Rs 67.26 a litre.
The rise in diesel prices across several 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 rise in domestic fuel prices which reflects international trends. The earlier system of price determination of petrol had a waiting period of 15 days.
On the other hand, imposition of various state taxes and levies generally hikes prices. Currently, the two transportation fuels do not come under the ambit of the Goods and Services Tax (GST) regime.
Catch up on all the latest Mumbai, National and International news here
Download the new mid-day Android and iOS apps to get updates on all the latest and trending stories on the go
The content/reporting displayed on our website www.mid-day.com is provided "AS-IS," "AS AVAILABLE, by us from third party, agencies, sources, without any verification from our side. It may contain error, bugs and other limitations. The reader's can rely on the content at their own will. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability, data, text, images, video, messages, or any other material whatsoever or for any claims/loss/action that the reader may suffer as a result of relying on the content on our site. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.
