There seems to be no respite for the common man as fuel prices continue to surge. After a hiatus of a day, state-run oil marketing companies have hiked the petrol and diesel prices on Thursday. While petrol has become costlier by 24 paise, diesel has been increased by 30 paise on May 27. With this, the fuel rates have touched record high levels in across the country.
After the recent hike, petrol and diesel have become most expensive in India in the recent years. In Mumbai, petrol price has inched towards Rs 100-per-litre mark. A litre of petrol will cost you Rs 99.94 in Mumbai. In Delhi, a litre of petrol is being sold at Rs 93.68 on May 27. In Chennai, petrol is selling at Rs 95.28. You have to shell Rs 93.72 for a litre of petrol in Kolkata.
Diesel price has also witnessed a sharp hike in May. In Mumbai, a litre of diesel is priced at Rs 84.6 per litre. In Delhi, diesel will be available at Rs 91.87. A litre of diesel will be priced at Rs 89.39 in Chennai and Rs 87.46 in Kolkata.
Petrol rates had already crossed the Rs 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra. Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at Rs 104.42 per litre and Rs 97.18 a litre, respectively.
Fuel prices have been soaring since the beginning of this month. State-run companies resumed daily revisions on May 4 after an over 18-day halt. Since then, petrol price has risen by Rs 3.04 per litre and diesel by Rs 3.59.
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. Oil marketing companies like the Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum Corporation Limited revise the rates daily.
Oil prices fell on Thursday but stayed within the tight range they have been in all week. Brent crude fell 44 cents, or 0.6%, to $68.43 a barrel at 0220 GMT, erasing Wednesday’s gain of 22 cents. Brent has traded between $68 and $69 for most of this week, according to Reuters. US West Texas Intermediate (WTI) crude fell 43 cents, or 0.7%, to $65.78 a barrel, after a rise of 14 cents on Wednesday, but still in the $65-$66 range it has been this week.