Petrol, diesel prices rise for second straight day; check rates in Delhi, Mumbai, Lucknow and other cities
Petrol became costly by 19 paise and diesel by 21 paise per litre on May 5
Petrol and diesel prices were hiked for the second straight day with petrol becoming costly by 19 paise and diesel by 21 paise per litre.
A litre of petrol in Delhi will now cost Rs 90.74, while diesel will cost Rs 81.12 a litre. In Mumbai, you’ll have to pay Rs 97.12 and Rs 88.19 for a litre of petrol and diesel respectively.
Oil marketing companies had hiked fuel prices on May 4 for the first time after February 23. The price hike came after the results were declared for the assembly elections in West Bengal, Assam, Kerala, Tamil Nadu, and Puducherry on Sunday.
Here are the latest petrol and diesel prices in top 10 cities:
Fuel prices differ from state to state as taxes get levied on them by both central as well as state governments along with the freight charges. These taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. Centre levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 a litre on diesel.
Prices change every morning
State-run oil marketing companies – Bharat Petroleum, Indian Oil Corporation and Hindustan Petroleum – align domestic fuel prices with global crude rates by taking into account any alterations in the foreign exchange rates. Any changes in fuel rates are implemented with effect from 6 am each day.
Domestic oil companies decide the prices of petrol and diesel based on the average price of the last 15 days of crude oil in the international market. These oil companies also have to take into account the fluctuations in the rupee against the dollar.