Petrol, diesel prices hiked again after weekend pause. Check new fuel rates

Fuel prices in India had seen a continual rise since Tuesday last week, hiking for four consecutive days only to settle on Friday. The petrol and diesel prices remained stable over the weekend only to rise once again on Monday.

Petrol and diesel prices in India were hiked on Monday (May 10, 2021) after about two days' worth of interval wherein the fuel prices remained stable. Fuel prices today showed a marginal rise from the existing rates of petrol and diesel in Delhi, Mumbai, Chennai, and Kolkata. Here's all you need to know about the petrol and diesel prices today in the country.

A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India. (File Photo / Representational Image)

Fuel prices in India have hit record highs with Monday's rise, following which Maharashtra joined the league of states such as Rajasthan and Madhya Pradesh where petrol rates have breached the ₹100 per litre-mark. This is the fifth increase in petrol, diesel prices since May 4, after a weekend pause, bringing the fuel prices to their highest-ever level so far.

According to the Indian Oil Corporation (IOC)'s website on Monday, the fuel prices in major Indian cities are as follows:

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Price of petrol in Delhi: ₹91.53 per litre

Price of diesel in Delhi: ₹82.06 per litre

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Price of petrol in Mumbai: ₹97.86 per litre

Price of diesel in Mumbai: ₹89.17 per litre

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Price of petrol in Chennai: ₹93.38 per litre

Price of diesel in Chennai: ₹86.96 per litre

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Price of petrol in Kolkata: ₹91.66 per litre

Price of diesel in Kolkata: ₹84.90 per litre

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Fuel prices in India had seen a continual rise since Tuesday last week, hiking for four consecutive days only to settle on Friday. The prices remained stable over the weekend and once again rose on Monday.

While petrol prices had crossed the ₹100-mark in some places in Rajasthan and Madhya Pradesh a few days back, Maharashtra's Parbhani joined the league on Monday. Petrol in Parbhani was priced at ₹100.20 a litre, while in Bhopal it came for ₹99.55 a litre. The fuel is sold at ₹102.42 a litre in Sri Ganganagar district of Rajasthan and at ₹102.12 in Anuppur of Madhya Pradesh.

This is the second time this year that rates in some parts have crossed the ₹100-a litre mark. Rates had breached the physiological mark for the first time in mid-February. 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. In five increases in the last one week, petrol price has risen by ₹1.14 per litre and diesel by ₹1.33 - more than neutralising all of the reduction that came between March 24 and April 15.

Oil companies, which have in recent months resorted to an unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on April 15. This coincided with electioneering hitting a peak to elect new governments in five states including West Bengal.

No sooner had voting ended, more oil companies indicated an impending increase in retail prices in view of firming trends in international oil markets. Petrol prices even scaled to ₹102 per litre in some parts of Rajasthan and Madhya Pradesh on Friday after rates were raised for the fourth straight day after ending more than two-week-long hiatus during assembly elections in states like West Bengal.

Branded or additive-laced petrol, which attracts higher taxes, is at a record high in places with higher taxes.

(With inputs from PTI)