Fuel prices were revised across the country for the fourth straight day on Friday, as the state-run Oil Marketing Companies (OMC) hiked petrol and diesel prices by 29 and 38 paise per litre respectively. With this latest hike, one litre of petrol in Delhi is selling at a record high of ₹88.14, while diesel is at ₹78.38 per litre, up by 29 and 35 paise for every litre respectively.
In the commercial capital Mumbai, fuel prices are the highest among the four metros. Petrol is available at ₹94.64 in Maharashtra’s capital, while an equal quantity of diesel is retailing at ₹85.32, a rise of 28 and 38 paise a litre respectively. Meanwhile, in Chennai and Kolkata, petrol is at ₹90.44 and ₹89.44 a litre, while diesel is available at ₹83.52 and 81.96 for every litre.
Among the four cities, the national capital has the lowest fuel prices.
Petrol and diesel prices may vary from state to state, due to various taxes levied by the central government and the state government concerned. In Delhi, for example, the Centre makes up for ₹32.98 per litre of the price of petrol, while the sales tax or Value Added Tax (VAT) of the local government constitutes ₹19.55. The corresponding amounts for diesel meanwhile are ₹31.83 and ₹10.99 respectively.
The practice of daily revision of fuel prices has been in effect since June 2017, before which the OMCs used to revise the prices every fortnight. In India, companies like the Indian Oil Corporation (IOC), Hindustan Petroleum (HP) and Bharat Petroleum (BP) determine petrol and diesel prices. This is done on the basis of fuel prices globally; if international prices rise, those in India rise too, while if the rates fall internationally, a similar effect is witnessed in India.
{{/usCountry}}The practice of daily revision of fuel prices has been in effect since June 2017, before which the OMCs used to revise the prices every fortnight. In India, companies like the Indian Oil Corporation (IOC), Hindustan Petroleum (HP) and Bharat Petroleum (BP) determine petrol and diesel prices. This is done on the basis of fuel prices globally; if international prices rise, those in India rise too, while if the rates fall internationally, a similar effect is witnessed in India.
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