Petrol and diesel price today: After rising 16 times during the month of May, prices of petrol and diesel were hiked yet again on Tuesday, June 1, 2021, touching fresh record highs across the country. In the national capital, the petrol price rose by 26 paise while that of diesel too inched up 23 paise.
Following the latest price revision, petrol in Delhi is now retailing at Rs 94.49 a litre while diesel is selling at Rs 85.38. In the financial capital Mumbai, petrol price now stands at Rs 100.72 while diesel costs Rs 92.69, data available on Indian Oil Corporation’s website showed.
This is the second consecutive rise in as many days and the first hike in auto fuel prices in the month of June. Prior to this, the prices were hiked 16 times in May after oil marketing companies (OMCs) resumed their price revisions ending an 18-day hiatus that coincided with the assembly elections in key states. Ever since, the price revisions resumed on May 4, petrol price has increased by Rs 4.09 per litre and diesel has climbed by Rs 4.65 in New Delhi.
With the recent hikes during May, petrol rates crossed the Rs 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra. Bhopal became the first state capital to have petrol hit the three-figure mark followed by Jaipur and Mumbai.
Petrol price had breached the Rs 100-mark for the first time in February this year in two districts in Rajasthan and Madhya Pradesh, which levy the highest VAT on the fuel in the country. In these two places, the key auto fuel rose to Rs 105.52 in Rajasthan’s Sri Ganganagar, while diesel here is slowly inching towards the three-figure mark and is currently available at Rs 98.32 per litre. In Madhya Pradesh’s Anuppur, petrol now costs Rs 105.18 per litre and diesel is selling for Rs 96.28.
Fuel prices in the country 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 global market, crude oil prices rose on Tuesday, with Brent topping $70, as optimism grew over the fuel demand outlook during the summer driving season of the United States, the world’s top oil consumer. Prices were also boosted after data from China showed that factory activity expanded at its fastest this year in May, news agency Reuters reported earlier in the day.
Brent crude futures for August gained 86 cents(1.2 per cent) to $70.18 a barrel by 0504 GMT. US West Texas Intermediate crude for July was at $67.61 a barrel, up $1.29 (nearly 2 per cent) from Friday’s close, with no settlement price for Monday due to a US public holiday, the report said.
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|