Diesel, petrol prices soar across India on high global crude oil prices

The prices of petrol and diesel spiked in the country on Tuesday, amid soaring global crude oil prices. The national capital witnessed the price of diesel rising to Rs 59.38, while in Kolkata, Mumbai and Chennai, the non-branded diesel went up to Rs 62.04, Rs 62.85 and rs 62.55, respectively, according to Indian Oil Corp. Petrol prices also increased across India.

The main reason for this price increase was a hardening in the price of crude oil, which rose to a two-and-a-half-year high following an explosion at a Libyan Crude oil pipeline and OPEC-led supply cuts. The Brent crude rose to $60 a barrel, for the first time since 2015.

Since the petrol and diesel do not fall under the ambit of GST, a large variation is seen in their prices from state to state.

The slower price rise was seen in the states like Maharashtra, Gujarat, Himachal, and Uttarakhand, which have deducted VAT and cess on petrol and diesel, . 

Cities that saw the highest price of diesel were Trivandrum (Rs 64.53), Hyderabad (Rs 64.51) and Raipur (Rs 64.19). The lowest increase was seen in Port Blair (Rs 55.86).

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