Diesel price hiked by Rs 5 a liter, petrol also boils down after assembly elections

Petrol price today 7 June 2021: After the election of 5 states including Bengal, there has been a record rise in petrol and diesel prices. On May 4, the petrol price will go up by 4 to 91 paise, while the diesel will cost Rs 5 a liter. Today, on Monday, petrol will be expensive by 28 paise and diesel by 27 paise. After this increase, petrol and diesel prices are at record highs. Petrol in Delhi is now priced at Rs 95.31 and diesel at Rs 86.22.

Fuel prices vary from state to state due to local taxes such as value added tax (VAT) and freight charges. Retail prices of automotive fuels are rising as international crude oil prices continue to rise. Since May 4, petrol has hit a century in many cities and diesel is close to a century for the first time. Petrol has crossed 100 states in 7 states including Maharashtra, Rajasthan, Andhra Pradesh and Madhya Pradesh. Petrol prices in Mumbai, Ratnagiri, Parbhani, u Rangabad, Jaisalmer, Ganganagar, Banswara, Indore, Bhopal, Gwalior, Rewa, Guntur and Kakinada are priced at Rs. Mumbai is India’s first metropolis and on May 29, petrol costs Rs 100 per liter. Currently, petrol costs Rs 101.52 per liter in Mumbai and Rs 93.58 per liter on diesel.

One of the big reasons for the price of petrol and diesel is the increase in international crude oil prices and taxes. Benchmark Brent crude fell 0.06% to $ 71.31 a barrel on Thursday, rising 0.81% to $ 71.89 on Friday. However, it fell 0.56% in early trade on Monday. Reached 71.49. At the same time, retail prices of fuel have increased in India due to tax. According to the official data of June 1, Delhi has a 34.8% central tariff on petrol, while the state government tax is 23.08%. While the central tax on diesel is higher than 37.24 per cent, state taxes stand at 14.64 per cent. As international crude oil prices fell in 2020, the central government increased the excise duty on fuel to fill its coffers.

Despite witnessing volatility in international oil prices last month, fuel retail prices in India have soared. For example, on May 20, Brent crude dropped to .65.11, the lowest in 34 days; The next day, petrol and diesel prices were hiked by 19 paise per liter and 29 paise per liter respectively. There has been a stagnation in the price of petrol and diesel for 27 days from February 27 to 66. According to officials who work in government oil marketing companies, the retail prices of petrol and diesel are high as companies are meeting their past revenue loss. During the 66-day outage, retailers have reduced petrol and diesel rates by 77 paise and 74 paise respectively in four short steps, but consumers have been hitting the fuel prices since May 4.

The government regulated petrol prices on 26 June 2010 and diesel on 19 October 2014. Since then, government retailers have been free to change oil prices every day. Public sector retailers – IOC, Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) – control nearly 90% of the domestic energy retail market.

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