Petrol, Diesel Prices Touch All Time High; Check Latest Fuel Rates From Metropolitan Cities

The battered economy is suffering due to the second wave of coronavirus sweeping across the country, and people are bearing the brunt with petrol and diesel prices touching an all-time high. After the transportation fuel prices jumped on Monday to a record high, the state-run oil marketing companies (OMCs) once again raised the prices of petrol and diesel on Tuesday.

Residents in the national capital will have to shell out Rs 91.80 per litre for petrol as against Rs 91.53 on Monday. Similarly, diesel in Delhi is costing Rs 82.36 per litre as compared to Rs 82.06 a litre on Monday. 

The prices have been hiked for the sixth time this month since May 4, after the prices were raised after keeping it unchanged for 18 days.

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As per the Indian Oil Corporation Ltd website, petrol and diesel got costlier by 27 paise per litre and 30 paise per litre, respectively. In fact, the current increase in fuel prices saw the prices breaching Rs 100 mark in several states including Maharashtra, Rajasthan and Madhya Pradesh. Petrol in Maharashtra Parbhani was retailing at Rs 100.20 a litre, while in Sri Ganganagar district of Rajasthan, it was priced at Rs 102.42 a litre Rs 102.12 in Anuppur of Madhya Pradesh on Monday.

India remains the world’s third-largest oil importer and the fourth-largest buyer of liquefied natural gas but the fuel demand has gone down with several states imposing lockdown measures amid the second wave ravishing the economy.

Latest Fuel Rates (May 11)

Mumbai

Petrol price:  Rs 98.12 per litre 

Diesel price:  Rs 89.48, 31 per litre 

Kolkata

Petrol price: Rs 91.92 per  litre 

Diesel price: Rs 85.20 per litre 

Chennai

Petrol price:  Rs 93.68 per litre  

Diesel price: Rs 87.25 per litre 

Source: Indian Oil

It is to be noted that petrol and diesel prices are fixed on the basis of freight charges, local taxes, and VAT. Petrol and diesel prices vary from state to state due to taxations imposed by central and state governments.

The central and state taxes comprise 60 per cent of the retail selling price of petrol while more than 54 per cent for diesel. Centre levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 a litre on diesel.

Even though the prices were raised after the declaration of election results in five states, however, the state-run OMCs and the government have insisted the rates have not been impacted by the elections and there is no correlation between the two factors.