Petrol price in Delhi rose to a record Rs 79.31 a litre and diesel climbed to an all-time high of Rs 71.34, renewing calls for a reduction in excise duty to cushion the spike. "If taxes are cut, prices will decline significantly", Chidambaram said on Twitter.
Similarly, the price build-up of diesel in Delhi at ₹71.15 a litre includes excise duty of ₹15.33, dealer commission of ₹2.51, and Value-Added Tax of ₹10.46 (including Value-Added Tax on dealer commission).
In Mumbai, the petrol was being sold at Rs 86.56/litre, up by Rs 0.31/litre - the highest ever for any metro city.
According to South African Petroleum Industry Association, the petrol retail price is regulated by the government. Petrol prices in Kolkata and Chennai are Rs 82.22 per litre and Rs 82.41 per litre.
Global crude oil price has been on a rise in the last few months and is hovering above $70 per barrel.
In Mumbai, the Petrol at Rs 86.56/litre (increase by Rs 0.31/litre) and diesel at Rs 75.54/litre (increase by Rs 0.44/litre).
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External factors: The exchange rate - that is the price of the dollar vs the rand. "OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised", he told reporters in Surat on Sunday.
On Wednesday morning petrol prices will increase by just 4.9c per litre to R15.49 at the coast and R16.08 inland. "Apart from that, crises in countries like Venezuela and Iran are increasing".
The rupee, which lost 10 paise against the U.S. dollar in late afternoon trade on Monday, ended at a new record low of 71.10. "This is further hurting Asian currencies", the official said.
"The government can not disturb fiscal maths by cutting excise duty", he said. There is a pressure on oil prices due to decrease in production.
Diesel is expected to rise by 1. This year in May, Bank of America Merrill Lynch observed that the deteriorating conditions in Iran may push the crude oil prices to Dollars 100.