Petrol prices may go as high as ₹100 a litre unless duties are cut

Feb 10, 2021 By: Navdeep Yadav

Brent crude price crossed the $60 per barrel mark on Monday after over a year of slowdown

The price has risen by over 50 percent since the end of October.

… the oil-producing countries continued to limit production despite a sharp increase in demand.

Fuel prices are determined by crude oil and forex rates — which is why the recent spike in Brent led to increased fuel rate

Jagasheth said, “we believe crude oil prices are to range between $58-63/bbl in the near future.”

According to Jagasheth, the uptick in crude oil could lead to petrol prices ranging anywhere between ₹85 to ₹100.

“There is unlikely to be any respite to the common man as crude oil prices are only rising by the day.”

The government can cut the excise duty rates for the consumers to keep fuel prices lower.

Currently, the central excise duty is ₹32.9 per litre on petrol and ₹31.8 per litre on diesel. This is separate for state taxes.