New Delhi: Fuel prices have continued to rise for the forth day in a row, after oil marketing companies resume daily price revisions after poll results were declared on May 2. The price of petrol in Delhi has now reached Rs 91.27 per litre from a previous day Rs 90.99 per litre. While diesel will now cost Rs 81.73 per litre, up from Rs 81.42 per litre, respectively, in the national capital.
In the last two days, the price of petrol and diesel have risen by 53 paise and 61 paise respectively. Yesterday, OMC had raised the price of petrol and diesel by 25 paise and 20 paise in Delhi, respectively.
In other cities, petrol and diesel prices per litre now stands at Rs 97.61 and Rs 88.82 in Mumbai. Meanwhile, in Chennai, petrol will cost Rs 93.15 while diesel will sell for Rs 86.65 per litre; and in Kolkata the price of petrol has reached Rs 91.41 while diesel will retail at Rs 84.57 per litre.
The fuel rates have been revised across the country and prices differ from state to state, depending upon VAT imposed by the respective states. Oil marketing companies resumed daily revisions on Tuesday after nearly two months. The Central government raised taxes on petrol by Rs 13 per litre and on diesel by Rs 16 per litre in 2020, to boost revenues hit by COVID-19 pandemic.
The Oil marketing companies have revised the price of fuel across metros since May 4, after the assembly elections were over on May 2. The government-owned OMCs like Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum, change the rate for fuel in the Indian market vis-a-vis global crude prices and changes in the foreign exchange rates. About half of the fuel price in India is made up of Central and state taxes levied on petrol and diesel. The Central government tax makes up for Rs 32.90 per litre of the price of petrol in Delhi and while state’s VAT is Rs 20.86. On the other hand, on diesel, the central excise levied is Rs 31.80 while state VAT adds Rs 11.83.