Petrol, Diesel Prices Climb to Fresh Highs; Oil Companies Say Only Govt Tax Cuts Can Help
Retail petrol rates have risen by Rs 17.11 per litre since mid-March 2020 after the government raised taxes to mop up gains arising from fall in international oil prices. Diesel rates have gone up by Rs 14.54.
Representative image. Photo: Reuters
Energy05/Feb/2021
New Delhi: Petrol and diesel prices on Thursday climbed to fresh highs in the country as rates were hiked by the most in recent times, even as fuel retailers said the government can cut taxes to ease consumer burden.
Petrol and diesel price was hiked by 35 paise per litre each after a gap of a week, according to price notification of state-owned fuel retailers.
HPCL Q3 profit rises to Rs 2,355 crore, revenue down 3 pc ANI | Updated: Feb 04, 2021 16:45 IST
Mumbai (Maharashtra) [India], February 4 (ANI): Oil marketing major Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported a net profit at Rs 2,355 crore for the third quarter ended December 31, 2020.
It had recorded a profit of Rs 747 crore during the same period of last fiscal year. However, the company s revenue dropped 2.9 per cent year-on-year to Rs 68,659 crore as compared to Rs 70,042 crore reported a year before.
The earnings before interest, taxes, depreciation and amortisation (EBIDTA) for Q3 FY21 was Rs 3,302 crore compared to Rs 1,156 crore in Q3 FY20.
Highlights
Rates depend on the incidence of VAT.
Taxes make up for nearly two-third of the retail selling price.
New Delhi: Petrol and diesel prices were both hiked by 35 paise per litre on Thursday after rates were kept unchanged for the seven straight days.
Petrol price in Delhi is at Rs 86.65 per litre, and diesel is at Rs 76.83 per litre while in Mumbai, petrol prices are at Rs 92.86 per litre and diesel prices are at Rs 83.30 per litre.
Fuel prices hit new record highs in the National Capital last Wednesday (January 28) after oil marketing hiked rates further. State-owned oil marketing companies hiked petrol prices in Delhi by 25 paise to 86.30 per litre from Rs 86.05 per litre while diesel prices too were hiked by 25 paise to Rs 76.48 per litre from Rs 76.23 per litre. In Mumbai, diesel prices were hiked to Rs 92.86 per litre, thus witnessing new record high and petrol prices stood at Rs 83.30 per litre on Wednesday.
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Petrol and diesel prices on Thursday climbed to fresh highs in the country as rates were hiked by the most in recent times, even as fuel retailers said the government can cut taxes to ease consumer burden. Petrol and diesel price was hiked by 35 paise per litre each after a gap of a week, according to price notification of state-owned fuel retailers. The increase took petrol prices to a fresh high of Rs 86.65 a litre in Delhi and to Rs 93.20 in Mumbai. Diesel rates touched Rs 76.83 in Mumbai and an all-time high of Rs 83.67. Mukesh Kumar Surana, head of India s third-largest fuel retailer Hindustan Petroleum Corporation Ltd (HPCL), said there has been a sudden spike in international oil prices to USD 59 per barrel in the last 2-3 days because of a perception of mismatch in demand and supply as well as cut in production by Saudi.