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

Petrol and diesel price today: After being steady for a day, prices of petrol and diesel were hiked again on Thursday, May 27, 2021, touching fresh record highs across the country. In the national capital, the petrol price rose by 24 paise while that of diesel too inched up 29 paise.

Following the latest price revision, petrol in Delhi is now retailing at Rs 93.68 a litre while diesel is selling at Rs 84.61. In the financial capital Mumbai, petrol price neared the Rs 100-mark and now stands at Rs 99.94 while diesel costs Rs 91.87, data available on Indian Oil Corporation’s website showed.

With the recent hikes this month, petrol prices have already crossed the Rs 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra. Earlier this month, Bhopal became the first state capital to have petrol hit the three-figure mark and today Jaipur touched the historic milestone after petrol price reached Rs 100.17 per litre.

Today’s fuel price hike marks the 14th occasion in the ongoing month after oil marketing companies (OMCs) resumed their price revisions ending an 18-day hiatus that coincided with the assembly elections in key states. During this period, petrol price has increased by Rs 3.28 per litre and diesel has climbed by Rs 3.88 in New Delhi.

In India, the fuel 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.

Petrol and diesel prices generally get revised on a daily basis in line with benchmark international price and foreign exchange rates.

In the international market, oil prices fell on Thursday but stayed within the tight range they have been in all week, as optimism on the summer driving season in the United States and Europe offset concerns about demand in India and a potential supply increase from Iran, news agency Reuters reported.

Brent crude fell 44 cents (0.6 per cent) to $68.43 a barrel at 0220 GMT, erasing Wednesday’s gain of 22 cents. Brent has traded between $68 and $69 for most of this week. US West Texas Intermediate (WTI) crude fell 43 cents (0.7 per cent) to $65.78 a barrel, after a rise of 14 cents on Wednesday, but still in the $65-$66 range it has been this week, the report said.

Here’s what you pay for a litre of petrol and diesel in your city on Thursday, May 27, 2021:

CityPetrol (Rs/litre)Diesel (Rs/litre)
New Delhi93.6884.61
Source: Indian Oil Corporation