Petrol and diesel prices touch fresh record highs across India

Petrol in Delhi is now retailing at ₹91.27 a litre and diesel ₹81.73. In Mumbai, petrol now stands at ₹97.61, diesel at ₹88.82

Petrol pump
Petrol and diesel prices are revised on a daily basis in line with benchmark international crude prices and foreign exchange rates | Representative Photo: iStock

Petrol and diesel prices rose for the fourth straight day on Friday, May 7, 2021, touching fresh record highs across India. In Delhi, petrol rose by 28 paisa while diesel climbed 31 paisa.

This month’s hikes have erased all the reduction in fuel rates announced during the four revisions between March 24 and April 15. In the past four days, petrol has increased by 87 paisa per litre and diesel by 1 in New Delhi.

Fuel prices were on an upward trajectory during January-February and had earlier peaked on February 27. Then oil marketing companies went on a 24-day hiatus before cutting prices on March 24-25 and on March 30. Thereafter, they again froze daily price revision for 15 days and reduced prices on April 15, after which prices remained steady for 18 days until rising on May 4.

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Following the latest price revision, petrol in Delhi is now retailing at 91.27 a litre and diesel 81.73. In Mumbai, petrol now stands at 97.61, diesel at 88.82, data available on Indian Oil Corporation’s website showed.

In February the price of petrol had breached the 100-mark in two places in Rajasthan and Madhya Pradesh, which levy the highest VAT on the fuel in the country. Auto fuel rose to 102.15 in Rajasthan’s Sri Ganganagar, while diesel is available at 94.38. In MP’s Anuppur, petrol now costs 101.86 per litre and diesel 92.39.

The central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. The Centre levies 32.90 per litre of excise duty on petrol and 31.80 a litre on diesel.

Generally, petrol and diesel prices are revised on a daily basis in line with benchmark international crude prices and foreign exchange rates.

In the global market, oil prices recovered after a 1 per cent dip in the previous session, on buoyant economic data from China and the United States even as the surging pandemic in India capped prices, news agency Reuters reported.

Brent crude futures for July were at $68.47 a barrel by 0338 GMT, up 38 cents (0.6 per cent), while US West Texas Intermediate (WTI) crude for June rose 38 cents (0.6 per cent) to $65.09, the report said.

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