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Domestic petrol and diesel prices vary from state to state due to value added tax (VAT).
Petrol, Diesel Prices Today: Petrol and diesel prices have been hiked across the metros for the second straight day, on Friday, February 5. In the national capital, the price of petrol was increased by 30 paise from Rs 86.65 per litre to Rs 86.95 per litre, and diesel saw an upward revision from Rs 76.83 per litre to Rs 77.13 per litre, according to Indian Oil Corporation, the country’s largest fuel retailer. Meanwhile, in Mumbai, the petrol and diesel prices stood at Rs 93.49 per litre and Rs 83.99 per litre respectively, the highest among all four metros. (Also Read: How To Check Latest Petrol And Diesel Rates In Your City)
Here are the current prices of petrol and diesel (in rupees per litre):
| City | Petrol | Diesel |
|---|---|---|
| Delhi | 86.95 | 77.13 |
| Mumbai | 93.49 | 83.99 |
| Chennai | 89.39 | 82.33 |
| Kolkata | 88.30 | 80.71 |
| Source: Indian Oil | ||
Petrol and diesel prices have recorded an upswing since January 6, 2021, after staying unchanged for almost a month. 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 alterations in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.
Meanwhile, oil pared gains on Thursday after a stronger U.S. dollar pressured prices that earlier hit year highs due to falling U.S. inventories and the OPEC+ decision to stick to its output cuts.
Brent crude gained 17 cents to $58.63 a barrel by 12 p.m. EST (1700 GMT), having earlier hit its highest level since February 21 at $59.04. U.S. West Texas Intermediate (WTI) crude was up 27 cents $55.96 a barrel after reaching its highest settlement level in a year on Wednesday at $55.69.
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