Petrol and diesel price today: After being steady for a day, prices of petrol and diesel were hiked again on Monday, May 31, 2021, touching fresh record highs across the country. In the national capital, the petrol price rose by 29 paise while that of diesel too inched up 26 paise.
Following the latest price revision, petrol in Delhi is now retailing at Rs 94.23 a litre while diesel is selling at Rs 85.15. In the financial capital Mumbai, petrol price now stands at Rs 100.47 while diesel costs Rs 92.45, data available on Indian Oil Corporation’s website showed.
In the month of May, the auto fuel prices were hiked 16 times after oil marketing companies (OMCs) resumed their price revisions ending an 18-day hiatus that coincided with the assembly elections in key states. During this period, petrol price has increased by Rs 3.83 per litre and diesel has climbed by Rs 4.42 in New Delhi.
With the recent hikes this month, petrol rates have crossed the Rs 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra. Earlier this month, Bhopal became the first state capital to have petrol hit the three-figure mark followed by Jaipur and Mumbai last week.
In February, the petrol price had breached the Rs 100-mark 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 105.24 in Rajasthan’s Sri Ganganagar, while diesel here is available at Rs 98.08 per litre. In Madhya Pradesh’s Anuppur, petrol now costs Rs 104.92 per litre and diesel is selling for Rs 96.03.
In India, the fuel prices 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 international market, oil prices climbed in early Asian trade on Monday, underpinned by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting this week for supply guidance, news agency Reuters reported earlier in the day.
Brent crude futures for August rose 44 cents (0.6 per cent) to $69.16 a barrel by 0424 GMT after settling at their highest in two years on Friday. US West Texas Intermediate crude for July was at $66.78 a barrel, up 46 cents (0.7 per cent), the report said.
|City||Petrol (Rs/litre)||Diesel (Rs/litre)|
|Source: Indian Oil Corporation|