Petrol and diesel prices have been hiked across the metros on Friday, May 20, after a gap of two days.In Delhi, petrol prices have been increased by 19 paise from Rs 92.85 per litre to ₹ 93.04 per litre and diesel rates have been hiked by 29 paise from ₹ 83.51 per litre to ₹ 83.80 per litre, according to Indian Oil Corporation.
Petrol and diesel prices are the highest in Mumbai. In Mumbai, the revised petrol prices stand at ₹ 99.32 per litre and diesel is sold at ₹ 91.01 per litre, according to the state-run oil refiner.
The fuel prices have been hiked 11 times since May 4, when the state-owned oil companies ended a hiatus in rate revision that was observed during assembly elections. Petrol and diesel prices vary across states due to the value-added tax or VAT.
Sri Ganganagar district of Rajasthan has the costliest petrol and diesel in the country at ₹104 per litre and ₹96.62 a litre respectively.
The hike comes in spite of fuel demands suffering in the first half of May due to Covid-induced lockdown in several states.
Sales of road transport fuels during 1 to 15 May dropped by a fifth from the previous month and about 28% from the same period in 2019, reported Bloomberg.
The plunge in consumption at the world’s third-biggest crude consumer was expected to weigh on sentiment on oil prices and damp expectations for a strong global demand rebound in the summer.
The International Energy Agency has lowered its 2021 global oil demand forecast from the impact of the raging virus outbreak in India, while OPEC and its allies are already taking a cautious view.
Here are the latest rates in your city:
Mumbai: Petrol prices – ₹99.32 per litre; diesel prices – ₹91.01 per litre
Kolkata: Petrol prices – ₹93.11 per litre; diesel prices – ₹86.64 per litre
Chennai: Petrol prices – ₹94.71 per litre; diesel prices – ₹88.62 per litre
Bengaluru: Petrol prices – ₹96.14 per litre; diesel prices – ₹88.84 per litre
Hyderabad: Petrol prices – ₹96.70 per litre; diesel prices – ₹91.36 per litre
Thiruvananthapuram: Petrol prices – ₹95.27 per litre; diesel prices – ₹89.77 per litre
Jaipur: Petrol prices – ₹100.20 per litre; diesel prices – ₹93.13 per litre
Patna: Petrol prices – ₹95.41 per litre; diesel prices – ₹89.21 per litre
Chandigarh: Petrol prices – ₹89.50 per litre; diesel prices – ₹83.46 per litre
Rates had already crossed the ₹100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra. Bhopal was the first state capital where the fuel cost over ₹100. It has been followed by Jaipur.
With the latest increase, prices in Mumbai are inching closer to the mark too.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh.
Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel. The union government levies ₹32.90 per litre of excise duty on petrol and ₹31.80 on diesel.