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Petrol, Diesel Prices Hit Another Record High On June 12

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Petrol and diesel prices in Indian cities hit another record high on June 12, even as the opening-up of lockdowns is going to pinch the pockets of consumers.

 

In New Delhi, petrol was retailing at Rs 96.12, up 0.29 paise over rates on June 11. In Mumbai, petrol prices hit another record high of Rs 102.30 on June 12, as compared to Rs 102.04 on June 11, 2021.

Petrol and diesel rates today on June 12, 2021

Petrol Diesel
New Delhi 96.12 86.98
Kolkata 96.06 89.83
Mumbai 102.30 94.39
Chennai 97.43 91.64
Gurgaon 93.74 87.42
Noida 93.58 87.57
Bangalore 99.33 92.21
Bubaneshwar 96.87 94.79
Hyderabad 99.90 94.82
Jaipur 102.73 95.92
Lucknow 93.40 87.42
Patna 98.68 92.73
Trivandrum 98 93.33

Bulk of the petrol rates and diesel rates today are because of excise

Petrol and diesel rates in the country continue to remain high on account of high excise rates. When global crude oil prices fall, the government hikes the excise rates to mop up additional revenues. However, when the prices rise, they relent to bring down excise. Take a look at the break-up here below in Delhi.

 

Price build-up of petrol in Delhi

Elements Unit Delhi
Base price Rs/litre Rs 35.63
Freight etc Rs/litre Rs 0.36
Price charged to dealers Rs/litre Rs 35.99
Add: Excise duty Rs/litre Rs 32.90
Dealer commission Rs/litre Rs 3.79
VAT Rs/litre Rs 21.81
Retailing selling price in Delhi Rs/litre Rs 94.49

As can be seen from the above table, the entire high costs of petrol is on account of excise and VAT. Similar is the case with diesel.

Petrol, Diesel Prices Hit Another Record High On June 12

If the trend of global crude prices going higher continue, the government would be forced to reduce the excise on both petrol and diesel. However, so far it has not considered the same. With prices soaring to record highs, it maybe high time, the government consider reducing the same.

Read more about: petrol diesel
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