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Petrol, Diesel Prices Hiked Again; Touch Record Highs

Fuel Prices: Domestic petrol and diesel prices vary across states due to value added tax (VAT).

Petrol, diesel prices today: Petrol and diesel prices have been hiked again across the metros on Sunday, May 16, after a day’s pause. In Delhi, petrol prices have been increased by 24 paise from Rs 92.34 per litre to Rs 92.58 per litre and diesel was hiked by 27 paise from Rs 82.95 per litre to Rs 83.22 per litre, according to Indian Oil Corporation. Currently, petrol and diesel prices are the highest in Mumbai. In Mumbai, petrol is being sold at Rs 98.88 per litre and diesel is retailed at Rs 90.40 per litre, according to the state-run oil refiner. 

This is the ninth hike since May 4, when the state-owned oil companies ended a hiatus in rate revision that was observed during assembly elections. Petrol and diesel prices vary across states due to the value-added tax or VAT. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City)

Below are the latest petrol and diesel prices across four metro cities:

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The state-run oil marketing companies including Indian Oil Corporation (IOC), Bharat Petroleum, and Hindustan Petroleum align the rates of domestic fuel with the global crude oil prices by taking into account changes in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.

Meanwhile, oil prices fell on Friday after dropping about 3 per cent a day earlier as coronavirus cases remained high in major oil consumer India. Brent crude oil futures were down 35 cents, or 0.5 per cent, at $66.70 a barrel and West Texas Intermediate (WTI) was down 28 cents, or 0.4 per cent, at $63.54 a barrel.

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