Fuel prices at new record highs; Petrol nears Rs 100/litre in Jaipur and Mumbai

Petrol and diesel prices: The price of petrol in Delhi currently stands at Rs 93.44 per litre while diesel is now selling at Rs 84.32. In Mumbai, petrol costs Rs 99.71, while diesel is retailing at Rs 91.57. 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 Tuesday, May 25, 2021, touching fresh record highs across the country. In the national capital, the petrol price rose by 23 paise while that of diesel too inched up 25 paise.

Following the latest price revision, petrol in Delhi is now retailing at Rs 93.44 a litre while diesel is selling at Rs 84.32. In the financial capital Mumbai, petrol price neared the Rs 100-mark and now stands at Rs 99.71 while diesel costs Rs 91.57, data available on Indian Oil Corporation’s website showed.

So far in this month, the auto fuel prices have been hiked 13 times after oil marketing companies (OMCs) resumed their price revisions ending an 18-day hiatus that coincided with the assembly elections in key states. During this period, petrol price has increased by Rs 3.04 per litre and diesel has climbed by Rs 3.59 in New Delhi.

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 month, Bhopal became the first state capital to have petrol hit the three-figure mark and now Jaipur and Mumbai are placed on the brink of touching the historic milestone.

In India, the 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 rose for a third day on Tuesday, holding around one-week highs after jumping more than 3 per cent the previous session as investors tempered previous expectations of an early return of oil exporter Iran to international crude markets, news agency Reuters reported earlier in the day.

Brent crude futures were up 14 cents (0.2 per cent) at $68.60 a barrel by 0400 GMT, having jumped 3 per cent on Monday. US West Texas Intermediate futures was up 8 cents at $66.13 a barrel, after gaining 3.9 per cent the previous session, the report said.

Here’s what you pay for a litre of petrol and diesel in your city on Tuesday, May 25, 2021:


Source: Read Full Article