Petrol and diesel prices in the country touched record high on Tuesday. After a day’s relief, state-owned fuel companies increased fuel prices again on May 18. Petrol has become costlier by 25-27 paise a litre while diesel has been raised by 27-31 paise per litre on Tuesday.
In the financial capital, petrol has climbed to Rs 99.14, an all-time high on May 18. In Delhi, a litre of petrol costs Rs 92.85. According to data from Indian Oil Corporation, a litre of petrol is priced at Rs 94.54 in Chennai, Rs 92.92 in Kolkata and Rs 90.66 in Noida.
After the revision, diesel has touched Rs 90.71 in Mumbai, highest across the metro cities. In Delhi, a litre of diesel is being sold at Rs 83.5. The retail price of diesel has risen to Rs 88.34 per litre in Chennai. People in Kolkata have to shell out Rs 86.35 for a litre of diesel.
In Sri Ganganagar district of Rajasthan, petrol is being sold at Rs 103.80 per litre, most expensive in the country. Diesel costs Rs 96.30 a litre in Sri Ganganagar.
The price of auto fuel in India depends on international crude oil prices, rupee-dollar exchange rate. The central government and states also levy various taxes — excise duty and Value Added Tax (VAT) on petrol and diesel. The Centre raised excise duty by Rs 13 on petrol and Rs 16 on diesel between March 2020 and May 2020. The duty now stands at ₹31.8 on diesel and ₹32.9 on petrol. VAT varies from state to state.
In the international market, oil prices climbed over the reopenings of the US and European economies on Tuesday. Brent crude oil futures were up 20 cents, or 0.3%, at $69.66 a barrel by 0231 GMT, while West Texas Intermediate (WTI) was up 19 cents, or 0.3%, at $66.46 a barrel, according to Reuters. Both contracts rose more than 1% on Monday. In India, the second-hardest hit by the pandemic, domestic sales of gasoline and diesel by state refiners plunged by a fifth in the first half of May from a month earlier.
The wholesale price-based inflation shot up to an all-time high of 10.49 per cent in April, on rising prices of crude oil and manufactured items. “The annual rate of inflation in April 2021, is high primarily because of rise in prices of crude petroleum, mineral oils viz petrol, diesel etc, and manufactured products as compared to the corresponding month of the previous year,” the commerce and industry ministry said.
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