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Petrol up 35 paise after rates hiked for 15th day in a row, Diesel price hits record high.

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3 years ago

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Taxes make up for nearly two-thirds of the retail selling price. As much as Rs 50.69 per litre, or 64 per cent, in petrol price is due to taxes — Rs 32.98 is the central excise duty and Rs 17.71 is local sales tax or VAT.

Petrol and Diesel prices, on January 26, increased by 35 paise after being unchanged for two days. The cost of petrol at record high at Rs 86.05 per litre in Delhi.

With increase in 35 paise, the cost of petrol and diesel is at Rs 92.62 per litre in  Mumbai. Diesel price now cost Rs 76.23 per litre in Delhi and In Mumbai, the diesel prices cost is Rs 83.03 per litre.

Fuel prices, which vary from state to state depending on local sales tax or VAT, are now at record highs in the country, prompting cries for a cut in excise duty to ease the burden on consumers.

Oil Minister Dharmendra Pradhan blamed Saudi oil output cut for the surge in oil prices but remained non-committal on tax cuts.

Top oil explorer Saudi Arabia has pledged additional voluntary output cuts of 1 million barrels per day in February and March, which has led to price climbing to most since the pandemic broke out.

State-owned fuel retailers — Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — had on January 6, resumed daily price revision after nearly a month-long hiatus.

Since then, rates have gone up by Rs 2.34 a litre on petrol and Rs 2.36 in case of diesel.

This comes after international oil prices firmed up in hopes of demand returning from the rollout of coronavirus vaccines in different countries, including India.

Prior to the current high crude prices triggered the price hikes this month, fuel prices had last touched record high on October 4, 2018. At that time the government had cut excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.

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 price and foreign exchange rates.

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Automobile

Improved version of Hyundai Creta launched in Indian market: Check it out here

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2 years ago

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May 4, 2022

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Hyundai India launched the much-awaited Creta Knight Edition in the country at a starting price of Rs 13.51 lakh (ex-showroom, all-India). This new variant is available in both petrol and diesel engine options and can be had either with a manual or an automatic transmission unit. To read more about the Creta Knight Edition, click here. In addition to this, the company has also introduced a model-year update for the Hyundai Creta with new feature additions.

The 2022 Hyundai Creta is now available in a new Denim Blue colour option and the Highline TPMS is now standard across all variants. The SX (O) trim now also gets a glossy black centre console. Furthermore, the company will offer the iMT option on the 1.5-litre petrol ‘S’ variant to further expand choices for the customers. The new S+ variant powered by a 1.4-litre T-GDi petrol engine with 7DCT now gets an additional set of features, such as –

– Smart panoramic sunroof

– 16-inch black alloy wheels

– Smartphone wireless charger

– Rear Disc Brakes

– Electronic Stability Control (ESC)

– Vehicle Stability Management (VSM)

– Hill start assist control (HAC)

– Paddle shifters

– Metal pedals

– Electric and auto-folding ORVMs

– Power window auto up/down

Mechanically, the SUV continues to be powered by the existing petrol and diesel engine options.

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