Petrol, Diesel Prices Hiked Again Across Metro Cities
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The oil companies on Sunday, yet again, increased the fuel prices across all the metro cities resulting in a hike of 21 paise and by up to 31 paise in prices of petrol and diesel, respectively. As the price hike continues, the petrol rates on Saturday surpassed the ₹ 82 mark, while diesel breached the ₹ 72 mark in the capital city. With newly revised prices, customers in Delhi will have to shell out ₹ 82.34 per litre for petrol and will have to pay ₹ 72.42 for a litre of diesel. The fuel prices differ from state to state, which depends on the value-added tax (VAT) levied by the state government.
In the last ten days, petrol price has gone up by ₹ 1.28 per litre and diesel rate has increased by ₹ 1.96 in the national capital. Petrol and diesel rates remained static since September 22 and October 2, respectively. The OMCs started revising rates of auto fuels from November 20 onwards.
In Mumbai, petrol prices surpassed ₹ 89 mark as it is retailing at ₹ 89.02 per litre against ₹ 88.81 per litre on Friday. Diesel, on the other hand, is retailed at ₹ 78.97 per litre, seeing a hike of 31 paise. In Kolkata, the retail price of petrol went up by 20 paise to Rs 83.87 per litre from ₹ 83.67 a litre and diesel increased to ₹ 75.99 per litre. In Chennai and Bengaluru, petrol retailed at ₹ 85.31 and ₹ 85.09 respectively. On the other hand, diesel retailed at ₹ 77.84 in Chennai and ₹ 76.77 in Bengaluru.
Oil marketing companies (OMCs) have been revising the retail rates of petroleum products since November 20, 2020. The 58-day hiatus in petrol price revision and 48-day status quo on diesel rates were preceded by no change in rates between June 30 and August 15 and an 85-day status quo between March 17 and June 6.
Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation are the three major oil marketing companies in India. The oil marketing companies revise petrol and diesel rates daily and make necessary changes to align the petroleum prices with global benchmark and dollar-rupee exchange rate.
Questions & Answers
Q.When did the oil marketing companies begin revising the fuel prices daily after a period of no changes?
When did the oil marketing companies begin revising the fuel prices daily after a period of no changes?
Oil marketing companies started revising auto fuel rates from November 20 onwards. This followed periods where petrol prices were static from September 22 and diesel rates from October 2, after previous longer hiatuses.
Q.What is the primary reason given for the variation in fuel prices between different states?
What is the primary reason given for the variation in fuel prices between different states?
The fuel prices differ from state to state due to the value-added tax (VAT) levied by each state government. This local tax directly impacts the final retail cost for customers in different regions.
Q.What factors influence the daily revisions of petrol and diesel rates by the oil marketing companies?
What factors influence the daily revisions of petrol and diesel rates by the oil marketing companies?
The oil marketing companies revise petrol and diesel rates daily to align them with global benchmark prices and the current dollar-rupee exchange rate. These external economic factors dictate the necessary changes.
Q.How much have petrol and diesel prices increased in the national capital over the last ten days?
How much have petrol and diesel prices increased in the national capital over the last ten days?
In the national capital, petrol price has gone up by ₹ 1.28 per litre in the last ten days. Diesel rates have increased by ₹ 1.96 per litre over the same period, indicating a continued upward trend.
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