At ₹79/litre, petrol in Mumbai at highest since August 2014

The Indian basket of imported crude oils gained $3.50 a barrel during last week even as petrol prices in the country touched their highest levels since Prime Minister Narendra Modi assumed office three years ago, official data showed on Monday.

The Indian basket, comprising 73% sour-grade Dubai and Oman crudes, and the balance in sweetgrade Brent, closed trade on the weekend on Friday at $53.63 per barrel, according to the Petroleum Ministry. The oil basket had gained over a dollar at the start of last week on Monday to close at $51.34 for a barrel of 159 litres.

Meanwhile, under the daily revision of fuel prices, petrol in Mumbai on Monday cost ₹79.41 a litre, breaching the level it last touched in August 2014. Petrol price was hiked by 13 paise a litre and diesel by 25 paise per litre, applicable from 6 am on Monday. Petroleum products do not come under GST and prices vary at locations according to state taxes.

On Monday, petrol per litre cost ₹70.30 in Delhi, ₹73.05 in Kolkata and ₹72.87 in Chennai. Diesel price on Monday was ₹58.62 in Delhi, ₹61.27 in Kolkata, ₹62.26 in Mumbai and ₹61.73 in Chennai.

Earlier this month, petroleum minister Dharmendra Pradhan said the dynamic pricing regime would continue despite petrol prices going up by over ₹7 per litre since the scheme was introduced pan-India from mid-June. Dynamic pricing ensures that the benefit of even the smallest change in international oil prices can be passed down the line to the dealers and the end-users.