After a one-day break, fuel prices rose for the twelfth time in 20 days on Sunday, with petrol and diesel prices rising by 17 paise and 27 paise a litre, respectively. The increase comes despite a drop in fuel demand in the first half of May as a result of Covid-induced lockdown in several states.
Since May 4th, petrol has increased by 2.81 percent and diesel has increased by 3.34 percent.
In Delhi, though petrol prices increased by 17 paise to 93.21 per litre, diesel prices increased by 27 paise to 84.07 per litre.
In many cities in Rajasthan, Madhya Pradesh, and Maharashtra, rates had already surpassed 100 percent. With the most recent rise, the price in Mumbai was also approaching the mark.
Fuel prices are revised on a regular basis by Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), and Hindustan Petroleum Corporation Ltd (HPCL) in accordance with international benchmark prices and foreign exchange rates.
The impact of local taxes such as VAT and freight charges on fuel prices varies from state to state. Rajasthan, followed by Madhya Pradesh, has the highest value-added tax (VAT) on petrol in the world.
Since India imports over 80% of the crude oil it processes and pays in dollars, international oil prices and the rupee-dollar exchange rate have an effect on domestic pump prices. On the last trading day of the week (Friday), Brent crude closed 2.04% higher at $66.44 a barrel.
Petrol and Diesel rates in your city:
Petrol prices - Rs 99.49 per litre
Diesel prices - Rs 91.30 per litre
Petrol prices - Rs 93.27 per litre
Diesel prices - Rs 86.91 per litre
Petrol prices -Rs 94.86 per litre
Diesel prices - Rs 88.87 per litre
Petrol prices - Rs 96.31 per litre
Diesel prices - Rs 89.12 per litre
Petrol prices -Rs 96.88 per litre
Diesel prices - Rs 91.65 per litre
Petrol prices - Rs 95.19 per litre
Diesel prices -Rs 90.36 per litre
Petrol prices - Rs 89.66 per litre
Diesel prices - Rs 83.73 per litre