Petrol and diesel prices continue to rise on Friday across all the major cities in India. While petrol price has been increased by 25-27 paise, diesel price has been hiked by 30-33 paise on Friday. The fuel prices have been on a rise for the last three days.
After the recent hike, petrol price has hit a record high in Mumbai. A litre of petrol costs Rs 97.61 in the financial capital. In Delhi, a litre of petrol is sold at Rs 91.27 per litre. Among the four metro cities, Chennai has witnessed the lowest rise in petrol price on Friday. A litre of petrol is available at Rs 93.15 in the southern city. In Kolkata, petrol is priced at Rs 91.41 for a litre.
Diesel price has risen to Rs 88.82 in Mumbai. A litre of diesel will cost you Rs 86.65 in Chennai, Rs 81.73 in Delhi and Rs 84.57 in Kolkata.
Petrol and diesel prices depend on international crude prices, foreign exchange rates and demand for fuel. Fuel prices in India are revised on a daily basis. Auto fuel prices vary from state to state as they include several taxes levied by the central and state governments. The prices consist excise duty, value added tax (VAT), and dealer commission. Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel. The union government levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 on diesel.
Oil prices recovered after a 1% dip in the previous session, on buoyant economic data from China and the United States. Brent crude futures for July were at $68.47 a barrel by 0338 GMT, up 38 cents, or 0.6%, while U.S. West Texas Intermediate (WTI) crude for June rose 38 cents, or 0.6%, to $65.09, according to Reuters. Both Brent and WTI are on track for a second weekly gain. Oil demand recovery has been uneven as surging COVID-19 cases in India has reduced fuel consumption at the world’s third-largest oil importer and consumer.