State-run oil marketing companies (OMCs) hiked the prices of petrol and diesel by 35 paise for every litre on Tuesday, revising the rates for the first time in three days. The price of petrol reached its highest in Delhi, whereas, in Mumbai, the fuel price is the highest among all the four metro cities.
After Tuesday’s hike, the retail prices of petrol and diesel in Delhi are ₹87.30 and ₹77.48 per litre respectively. In Mumbai, Chennai and Kolkata, petrol is priced at ₹93.83, ₹89.70 and ₹88.63 respectively. The price of a litre of diesel is ₹84.36, ₹82.66 and ₹81.06 in the three cities. In two other major cities of Bengaluru and Hyderabad, petrol will cost ₹90.22 and ₹90.78 per litre respectively and the price of diesel is ₹82.13 and ₹84.52 respectively.
Fuel prices vary from state to state as per local sales tax or Value Added Tax (VAT). Petrol and diesel prices have been rising since January 6, when those were revised for the first time since December 2020.
In India, the practise of revising fuel prices everyday commenced in June 2017; before that the prices were revised every fortnight. OMCs like Indian Oil Corporation (IOC), Bharat Petroleum (BP) and Hindustan Petroleum (HP) determine fuel prices in the country. The calculation is done on the basis of fuel prices in the international market. If international prices rise, those in India are hiked as well and if rates fall internationally, the ones in India are also reduced. Any change comes into effect from 6am on the day.
{{/usCountry}}In India, the practise of revising fuel prices everyday commenced in June 2017; before that the prices were revised every fortnight. OMCs like Indian Oil Corporation (IOC), Bharat Petroleum (BP) and Hindustan Petroleum (HP) determine fuel prices in the country. The calculation is done on the basis of fuel prices in the international market. If international prices rise, those in India are hiked as well and if rates fall internationally, the ones in India are also reduced. Any change comes into effect from 6am on the day.
{{/usCountry}}Brent crude futures rose 29 cents or 0.5% to $60.85 a barrel, while US West Texas Intermediate (WTI) crude was up 28 cents or 0.5% to $58,25 a barrel on Tuesday. This, according to news agency Reuters, is their highest level in 13 months, or since January 2020.