State run oil marketers have increased fuel prices yet again on May 31, 2021. Today, the price of petrol have seen a spike by 28-29 paise per litre, while diesel prices have gone higher by 26-28 paise. After the price surge today, petrol and diesel in the national capital is retailing at Rs. 94.23 and Rs. 85.15 per litre, respectively.
Since mid of June 2017, petrol and diesel pricing in India is following a dynamic pricing model and prices are revised everyday at 6 am.
In May alone, the price of petrol on a combined basis has surged by Rs. 3.83 per litre while that of diesel has increased by Rs. 4.42 per litre. On the retail price of petrol, 60 percent is accounted by central and state taxes while it is over 54 percent in the case of diesel pricing.
Brent crude in the international markets are trading close to $70 per barrel, while WTI crude is at $66.76 per barrel.