The prices of petrol and diesel in India rose for the second consecutive day on Monday after a brief pause of one day. After a hike of 28 paise, petrol in Delhi was selling at ₹95.31 per litre, according to the Indian Oil Corporation (IOC). Diesel saw a rise of 27 paise and was priced at ₹86.22 per litre in the national capital, it said after the daily revision of prices.
In Mumbai, the financial capital of India, petrol was being sold at ₹101.52 per litre, while diesel was selling at ₹93.58 per litre.
In Chennai, Kolkata and Bengaluru, petrol prices stood at ₹96.71, ₹160 and ₹102.91 per litre respectively. While diesel was priced at ₹90.92, ₹89.07 and ₹91.41 per litre in the respective metropolitan cities.
In the domestic market, the prices of petrol and diesel have been increased three times in the last one week, starting from June 1 to June 6. It is to be noted that fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges. Rajasthan levies the highest VAT on petrol in the country, followed by Madhya Pradesh.
The daily revision in prices is due to factors including international crude prices and exchange rate as India imports more than 80 per cent of crude oil it processes and pays in dollars.
{{/usCountry}}The daily revision in prices is due to factors including international crude prices and exchange rate as India imports more than 80 per cent of crude oil it processes and pays in dollars.
{{/usCountry}}On Monday, crude oil pulled back after hitting fresh multi-year highs as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies. After today's hike, the price of global oil benchmark Brent crude has almost doubled to $71.63 a barrel. It is the highest since May 2019.