After a hiatus of a day, petrol and diesel prices have been hiked again on Friday. While petrol has become costlier by 28-29 paise, diesel has been increased by 34-35 paise across the country. The auto fuel prices have been raised for eighth time this month.
After the recent hike, petrol and diesel have become most expensive in Delhi and Mumbai. In Delhi, a litre of petrol costs Rs 92.24. Petrol price is all set to touch Rs 100-mark in the financial capital. A litre of petrol is being sold at Rs 98.65 in Mumbai on Tuesday. One litre of petrol is available at Rs 92.44 in Kolkata and Rs 94.09 in Chennai. In Noida, the retail price of petrol is Rs 90.27.
Diesel price has also seen a sharp rise in the last few days. In Mumbai, a litre of diesel is being sold at Rs 90.11. In Delhi, a litre of diesel is priced at Rs 82.95. Diesel costs Rs 85.79 in Kolkata and Rs 87.81 in Chennai. A litre of diesel is priced at Rs 83.41 in Noida.
Fuel demand across India has been dented as various states resort to lockdown-like curbs to fight against the second wave of coronavirus. State-run companies resumed daily revisions on May 4 after an over 18-day halt. In the last 10 days petrol price has been raised by Rs 1.79 per litre and diesel by Rs 2.04 per litre.
The price of auto fuel in India depends on international crude oil prices, rupee-dollar exchange rate. The central government and states levy various taxes — excise duty and Value Added Tax (VAT) on petrol and diesel. Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel. Dealer’s commission and freight charges are also added in the fuel price. Oil marketing companies like the Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum Corporation Limited revise the rates daily.
Oil prices fell on Friday after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India. Brent crude oil futures were down 35 cents, or 0.5%, at $66.70 a barrel by 0200 GMT, while West Texas Intermediate (WTI) was down 28 cents, or 0.4%, at $63.54 a barrel, Reuters reported.