Petrol and diesel prices hiked for fourth straight day; touch new record highs

Petrol and diesel prices hiked for fourth straight day, touch new record highs

Petrol and diesel prices: The price of petrol in Delhi currently stands at Rs 91.27 per litre while diesel is now selling at Rs 81.73. In Mumbai, petrol costs Rs 97.61, while diesel is retailing at Rs 88.82. Read below to find out fuel prices in your city.

Petrol and diesel price today: Petrol and diesel prices were hiked for the fourth straight day, touching fresh record highs across the country on Friday, May 7, 2021. In the national capital, the petrol price rose by 28 paise while that of diesel inched up 31 paise.

The recent hikes this month have erased all the reduction in fuel rates that came during the four revisions between March 24 and April 15. In the past four days, petrol price has increased by 87 paise per litre and diesel has climbed by Re 1 in New Delhi.

The fuel prices were on a bull run during the January-February period and had earlier peaked at their previous record highs on February 27, after which the oil marketing companies (OMCs) went on a 24-day hiatus before cutting prices on March 24-25 and then on March 30. Thereafter, they again froze daily price revision for 15 days and reduced prices on April 15, after which prices remained steady for a period of 18 days until rising on May 4.

Following the latest price revision, petrol in Delhi is now retailing at Rs 91.27 a litre while diesel is selling at Rs 81.73. In the financial capital Mumbai, petrol price now stands at Rs 97.61 while diesel costs Rs 88.82, data available on Indian Oil Corporation’s website showed.

The price of petrol had breached the Rs 100-mark in two places in Rajasthan and Madhya Pradesh during the month of February, which levy the highest VAT on the fuel in the country. In these two cities, the key auto fuel rose to Rs 102.15 in Rajasthan’s Sri Ganganagar, while diesel here is available at Rs 94.38 per litre. In Madhya Pradesh’s Anuppur, petrol now costs Rs 101.86 per litre and diesel is selling for Rs 92.39.
Petrol and diesel prices differ from state to state depending on the local taxation (VAT) and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh.

The central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. Centre levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 a litre on diesel.

Generally, petrol and diesel prices are revised on a daily basis in line with benchmark international crude prices and foreign exchange rates.
In the global market, oil prices recovered after a 1 per cent dip in the previous session, on buoyant economic data from China and the United States even as the surging pandemic in India capped prices, news agency Reuters reported earlier in the day.
Brent crude futures for July were at $68.47 a barrel by 0338 GMT, up 38 cents (0.6 per cent), while US West Texas Intermediate (WTI) crude for June rose 38 cents (0.6 per cent) to $65.09, the report said.

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