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Fuel Prices: Domestic petrol and diesel prices vary across states due to value added tax (VAT).
Petrol, diesel prices today: Petrol and diesel prices touched fresh all-time highs across the metros on Wednesday after the country’s largest fuel retailer – Indian Oil Corporation – hiked the prices for the third straight day. This was the seventh increase in prices since May 4, when the state-owned oil firms ended an 18-day hiatus in rate revision observed during assembly elections in states such as West Bengal.
In Delhi, petrol prices were increased by 25 paise from Rs 91.80 per litre to Rs 92.05 per litre and diesel became dearer by an equal amount from Rs 82.36 per litre to Rs 82.61 per litre, according to Indian Oil Corporation. Currently, petrol and diesel prices are highest in the financial capital of the country. Petrol in Mumbai was retailed at Rs 98.36 per litre and diesel was sold at Rs 89.75 per litre.
Below are the latest petrol and diesel prices across four metro cities:
The state-run oil marketing companies including Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum align the rates of domestic fuel with the global crude oil prices by taking into account changes in the foreign exchange rates. The new changes in fuel prices are implemented with effect from 6 am every day.
Meanwhile, oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in U.S crude inventories, which reinforced OPEC’s robust demand outlook and as the shutdown of the biggest U.S fuel pipeline headed into a sixth day.
U.S West Texas Intermediate (WTI) crude futures rose 21 cents, or 0.3 per cent, to $65.49 a barrel and brent crude futures climbed 15 cents, or 0.2 per cent, to $68.70 a barrel.
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