The price of petrol was hiked by 25 paise from Rs.87.60 per litre to Rs 87.85 per litre, and diesel was increased by 30 paise from Rs.77.73 per litre to Rs.78.03 per litre in Delhi, according to Indian Oil Corporation, the country’s largest fuel retailer. Meanwhile, in Mumbai, the revised petrol and diesel rates stood at Rs.94.36 per litre and Rs.84.94 per litre respectively, the highest among all four metros.

Petrol and diesel prices have recorded an upswing since January 6, 2021 after staying unchanged for almost a month. The fuel rates have increased amid a rally in global crude oil prices, with COVID-19 vaccination drives beginning across the world.

Oil marketing companies – Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum align the prices of domestic fuel with the global benchmarks, by taking into account any changes in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.

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Prices of petrol and diesel went up on Saturday as oil companies continued to fuel rates in the line with costs.

According to a price notification of state oil market companies, petrol price has been increased by 25 paise per liter and diesel 21 paise per litre in Delhi. The price of brent crude oil stands at $41.02.

Customers will have to pay Rs 80.38 for every litre of petrol and Rs 80.40 for diesel in the national capital. In Mumbai, petrol will cost Rs 87.14 per litre and diesel Rs 78.71 per litre.

Opposition parties have been attacking the government over the fuel price hike and the Congress is planning a mass protests across the country on Monday over the “unprecedented” rise in petrol and diesel prices.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or value-added tax (VAT).Taxes make up for nearly two-thirds of the retail selling price.

As much as Rs 50.69 per litre or 64% in petrol price is due to taxes—Rs 32.98 is the central excise duty and Rs 17.71 is local sales tax or VAT.

In the case of diesel, over 63% of the retail selling price is taxes. Out of the total tax incidence of Rs 49.43 per litre, Rs 31.83 is by way of central excise and Rs 17.60 is VAT.

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The fuel prices are constantly increasing day by day. On Thursday,for the 19th day , oil marketing company hiked the price of petrol by 16 paise a litre along with the Diesel price increasing by 14 paise per liter.

Rates differ from state to state depending on the incidence of value added tax (VAT). However, the price of diesel is higher than petrol only in the national capital after the state government increased VAT on the fuel sharply last month. “The Delhi government had increased VAT on petrol from 27 per cent to 30 per cent and that on diesel from 16.75 per cent to 30 per cent on May 5,” said Chairman of state-run Indian Oil Corp (IOC), Sanjiv Singh.

Now after the increase, petrol prices crosses Rs 79.92 in Delhi while diesel mark at 80 rupee. In Mumbai, the price of petrol touched Rs 86.7 a litre and diesel went up to Rs 78.34 a litre. In Kolkata, the prices were at Rs 81.61 a litre and Rs 75.18 a litre, respectively.The price of crude oil stands at $40.31.

Oil marketing companies did not revise the prices for 83 days due to the lockdown. They started to revise the fuel prices from June 8.

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For the first time, diesel price in India has surpassed the petrol as fuel rate hiked for the 18th day in a row on Wednesday. The diesel price was hiked by 45 paise while there was not a hike in petrol by price. Diesel will cost Rs 75.62 per litre and petrol Rs 80.69 per litre on Wednesday.In this current hiking, the domestic rates of auto fuels may soon cross the Rs.80 liter. International benchmark Brent crude has surged $42.03.The increase in rates started since June 7.

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