After excise cut, fuel prices again on upswing

Petrol and diesel prices witnessed an increase across the four metro cities on Sunday, two days after the government announced an excise duty cut on the fuel to give relief to the common man. In the national capital, petrol was priced at Rs 81.82 per litre, up from Rs 81.68 on Saturday, data on the IndianOil Corporation website showed.

Similarly, petrol prices in Mumbai, Kolkata and Chennai also rose on Sunday -- to Rs 87.29 in Mumbai, Rs 83.66 in Kolkata and Rs 85.04 per litre in Chennai. The prices vary from region to region due to local taxes, as the product is excluded from the Goods and Services Tax regime. Delhi has the lowest tax rate among the four metro cities.

The increase in transport fuel prices comes amid a continuous surge in crude oil prices. UK Brent crude is around $85 per barrel. On Thursday, Union Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre. Additionally, the state-owned oil marketing companies have been mandated to reduce prices of petrol and diesel by Re 1 a litre. 

In tandem with petrol, the diesel prices also rose across the four metros on Sunday. Diesel was selling in Mumbai at Rs 77.06, up from Rs 76.75 on Saturday. Prices in Delhi, Kolkata and Chennai were Rs 73.53, Rs 75.38 and Rs 77.33 per litre respectively.