Fuel prices were hiked for the seventh time this month to break the previous records and continued to retail above ₹100 in Madhya Pradesh.
In Delhi, both petrol and diesel price increased by 25 paise, according to a price notification by state-owned fuel retailers. The hike took petrol rates in the national capital to ₹92.05 while diesel stood at ₹82.61 on Wednesday.
Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
People in Mumbai have to shell out Rs 98.36 for a litre of petrol after a 24 paise rise over Tuesday’s rate. A litre of diesel costs Rs 89.75, 27 paise more than yesterday’s price of Rs 89.48 a litre. In Kolkata, the retail price of petrol price was hiked by 24 paise to Rs 92.16 a litre, from Rs 91.92 recorded on Tuesday. Diesel costs Rs 85.45 a litre, 25 paise more than Tuesday’s price.
Rates have been increased across the country and vary from state to state depending on the local incidence of taxation (VAT).
Oil companies that have in recent months resorted to an unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on 15 April. This coincided with electioneering hitting a peak to elect new governments in five states, including West Bengal.
No sooner had voting ended, the oil companies indicated an impending increase in retail prices in view of the firming trend in international oil markets.The price revision had resumed last week after ending an 18-day hiatus.
These are the prices in your city
Delhi: Petrol prices – ₹92.50 per litre; diesel prices – ₹82.61 per litre
Mumbai: Petrol prices – ₹98.36 per litre; diesel prices – ₹89.75 per litre
Chennai: Petrol prices – ₹93.84 per litre; diesel prices – ₹87.49 per litre
Kolkata: Petrol prices – ₹92.16 per litre; diesel prices – ₹85.45 per litre
Pune: Petrol prices – ₹98.00 per litre; diesel prices – ₹88.03 per litre
Bengaluru: Petrol prices – ₹95.11 per litre; diesel prices – ₹87.57 per litre
Hyderabad: Petrol prices – ₹95.67 per litre; diesel prices – ₹90.06 per litre
Bhopal: Petrol prices – ₹100.08 per litre; diesel prices – ₹90.05 per litre
Patna: Petrol prices – ₹94.28 per litre; diesel prices – ₹87.84 per litre
Lucknow: Petrol prices – ₹89.96 per litre; diesel prices – ₹82.99 per litre
Gurugram: Petrol prices – ₹89.96 per litre; diesel prices – ₹83.19 per litre
Likewise, in Chennai, petrol is retailing at Rs 93.84 a litre, 22 paise more than yesterday’s rate of Rs 93.62 while diesel price rose to Rs 87.49 a litre, 24 paise increase from yesterday’s price of Rs 87.25 a litre.
Worth mentioning here is that Sri Ganganagar district of Rajasthan has the highest petrol and diesel rates in the country at Rs 102.96 per litre and Rs 95.33 a litre respectively. Petrol crossed the Rs 100-mark in Rajasthan’s Jaisalmer district (Rs 100.97) and Bikaner (Rs 100.97) while it is priced at Rs 98.47 a litre in Jaipur.
In Madhya Pradesh, petrol prices breached the Rs 100-per-litre-mark at several districts, including Shahdol (Rs 102.31), Rewa (Rs 102.30). Petrol is retailing at Rs 101.16 a litre in Indore, and Bhopal becomes the first state capital to see petrol at over Rs 100 per litre.
The retail prices of auto fuels vary from state to state due to different local taxes and VAT imposed. Currently, central and state taxes make up for over 61 per cent of petrol price while they constitute over 56 per cent of diesel rates. The Centre levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 on diesel.
On Wednesday, in the global oil market, Brent crude futures were trading at $68.70 per barrel, up 15 cents, or 0.2 per cent, from their last close. West Texas Intermediate (WTI) crude futures soared by 21 cents or 0.3 per cent, to $65.49 per barrel.
Meanwhile, the Organisation of the Petroleum Exporting Countries (OPEC) in its monthly report said: “India (the third-largest oil consumer) is currently facing severe Covid-19-related challenges and will therefore face a negative impact on its recovery in the second quarter, but it is expected to continue improving its momentum again in the second half of 2021”.