Fuel prices touch fresh record highs; Diesel breaches Rs 90/litre for the first time in Mumbai

Petrol and diesel prices: The price of petrol in Delhi currently stands at Rs 92.34 per litre while diesel is now selling at Rs 82.95. In Mumbai, petrol costs Rs 98.65, while diesel is retailing at Rs 90.11. Read below to find out fuel prices in your city.

Petrol and diesel price today: After being steady for a day, prices of petrol and diesel were hiked again on Friday, May 14, 2021, touching fresh record highs across the country. In the national capital, the petrol price rose by 29 paise while that of diesel too inched up 34 paise.

This is the eighth hike in fuel prices this month. The prices were hiked for four consecutive days last week which erased all the reduction in auto fuel rates that came during the four revisions between March 24 and April 15, after this, the retail rates were steady during the weekend (Saturday-Sunday) and rose again from Monday to Wednesday before hitting a pause on Thursday.

So far this month, petrol price has increased by Rs 1.94 per litre and diesel has climbed by Rs 2.22 in New Delhi.

The prices of petrol and diesel 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 92.34 a litre while diesel is selling at Rs 82.95. In the financial capital Mumbai, petrol price now stands at Rs 98.65 while diesel costs Rs 90.11, data available on Indian Oil Corporation’s website showed.

In February, petrol price 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 places, the key auto fuel rose to Rs 103.27 in Rajasthan’s Sri Ganganagar, while diesel here is available at Rs 95.70 per litre. In Madhya Pradesh’s Anuppur, petrol now costs Rs 102.96 per litre and diesel is selling for Rs 93.69.

With the recent hikes this month, petrol rates have already crossed the Rs 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra. Earlier this week Bhopal became the first state capital to have petrol hit the three-figure mark and now Mumbai too looks headed to that level.

In India, fuel prices differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels.

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.

Petrol and diesel prices generally get revised on a daily basis in line with benchmark international price and foreign exchange rates.

In the international market, oil prices fell on Friday after dropping about 3 per cent a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack, news agency Reuters reported.

Brent crude oil futures were down 10 cents (0.2 per cent) at $66.95 a barrel by 0518 GMT, while West Texas Intermediate (WTI) was down three cents (0.1 per cent) at $63.79 a barrel. Both prices are heading for their first weekly loss in three weeks, the report said.

Here’s what you pay for a litre of petrol and diesel in your city on Friday, May 14, 2021:


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