Fuel prices touch fresh record highs; Petrol breaches Rs 100/litre for the first time in Bhopal – The Indian Express

Petrol and diesel price today: Petrol and diesel prices were hiked for the third straight day this week, touching fresh record highs across the country on Wednesday, May 12, 2021. In the national capital, the petrol price rose by 25 paise while that of diesel too inched up 25 paise.

This is the seventh hike in fuel prices this month. The prices were hiked for four straight days last week which erased all the reduction in auto fuel rates that came during the four revisions between March 24 and April 15, after this, the retail rates were steady during the weekend (Saturday-Sunday) before resuming their upward journey from Monday.

So far this month, petrol price has increased by Rs 1.65 per litre and diesel has climbed by Rs 1.88 in New Delhi.

The prices of petrol and diesel were on a bull run during the January-February period and had earlier peaked at their previous record highs on February 27, after which the oil marketing companies (OMCs) went on a 24-day hiatus before cutting prices on March 24-25 and then on March 30. Thereafter, they again froze daily price revision for 15 days and reduced prices on April 15, after which prices remained steady for a period of 18 days until rising on May 4.

Following the latest price revision, petrol in Delhi is now retailing at Rs 92.05 a litre while diesel is selling at Rs 82.61. In the financial capital Mumbai, petrol price now stands at Rs 98.36 while diesel costs Rs 89.75, data available on Indian Oil Corporation’s website showed.

Among other major capital cities, petrol breached the Rs 100-mark for the first time ever today becoming the first state capital to have petrol hit the three-figure mark. Petrol in Madhya Pradesh’s capital today costs Rs 100.08 while diesel is priced at 90.95.

The price of petrol had breached the Rs 100-mark in two places in Rajasthan and Madhya Pradesh during the month of February, which levy the highest VAT on the fuel in the country. In these two places, the key auto fuel rose to Rs 102.96 in Rajasthan’s Sri Ganganagar, while diesel here is available at Rs 95.33 per litre. In Madhya Pradesh’s Anuppur, petrol now costs Rs 102.66 per litre and diesel is selling for Rs 93.33. Petrol prices also breached the Rs 100-mark in Maharashtra for the first time earlier this week when the Parbhani district joined this league. Petrol here currently costs Rs 100.74 a litre while diesel is retailing at Rs 90.67.

With the recent rise in fuel prices, petrol has also breached the Rs 100 per litre mark in a few more places in Maharashtra, Madhya Pradesh and Rajasthan.

Petrol and diesel prices differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels. The central and state 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.

Generally, petrol and diesel prices are revised on a daily basis in line with benchmark international crude prices and foreign exchange rates.

In the international market, oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in US crude inventories, which reinforced OPEC’s robust demand outlook, and as the shutdown of the biggest US fuel pipeline headed into a sixth day, news agency Reuters reported earlier today.

US West Texas Intermediate (WTI) crude futures rose 21 cents (0.3 per cent) to $65.49 a barrel at 0013 GMT, adding to a 36 cent rise on Tuesday. Brent crude futures climbed 15 cents (0.2 per cent) to $68.70 a barrel, adding to a 23 cent gain on Tuesday, the report said.

Here’s what you pay for a litre of petrol and diesel in your city on Wednesday, May 12, 2021: