Petrol and diesel prices hiked again, touch new record highs

Petrol and diesel prices: The price of petrol in Delhi currently stands at Rs 91.80 per litre while diesel is now selling at Rs 82.36. In Mumbai, petrol costs Rs 98.12, while diesel is retailing at Rs 89.48. Read below to find out fuel prices in your city.

Petrol and diesel price today: Petrol and diesel prices were hiked for the second consecutive day this week, touching fresh record highs across the country on Tuesday, May 11, 2021. In the national capital, the petrol price rose by 27 paise while that of diesel inched up 30 paise.

The fuel prices were hiked for four straight days last week which erased all the reduction in 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) before rising again from Monday.

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 91.80 a litre while diesel is selling at Rs 82.36. In the financial capital Mumbai, petrol price now stands at Rs 98.12 while diesel costs Rs 89.48, 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 places, the key auto fuel rose to Rs 102.70 in Rajasthan’s Sri Ganganagar, while diesel here is available at Rs 95.06 per litre. In Madhya Pradesh’s Anuppur, petrol now costs Rs 102.40 per litre and diesel is selling for Rs 93.06. Petrol prices also breached the Rs 100-mark in Maharashtra for the first time on Monday when the Parbhani district joined this league. Petrol here currently costs Rs 100.50 a litre while diesel is retailing at Rs 90.41.

Petrol and diesel prices differ from state to state depending on the local taxation (VAT) and freight charges.

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 are generally revised on a daily basis in line with benchmark international crude prices and foreign exchange rates.

In the global market, oil prices fell on Tuesday as the prospect of the main US East Coast gasoline pipeline remaining shut for the rest of this week led some US Gulf Coast refiners to cut output, denting their appetite for crude, news agency Reuters reported earlier in the day.

US West Texas Intermediate (WTI) crude futures fell 40 cents (0.6 per cent) to $64.52 a barrel at 0247 GMT, after gaining 2 cents on Monday. Brent crude futures dropped 45 cents (0.7 per cent) to $67.87 a barrel, after climbing 4 cents on Monday, the report said.

Here’s what you pay for a litre of petrol and diesel in your city on Friday, May 11, 2021:

 

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