Gasoline and diesel prices were hiked up to 18 paise in metropolitan cities on Tuesday after an 18-day hiatus. In Delhi, gasoline prices increased by 15 paise per liter from Rs 90.40 per liter to Rs 90.55 per liter and diesel prices were increased by 18 paise from Rs 80.73 per liter at Rs 80.91 per liter, according to a price notification from the Indian. Oil company.
In Mumbai, the price of gasoline was increased by 12 paise from Rs 96.83 to Rs 96.95 per liter, while the price of diesel saw an increase of 17 paise from Rs 87.81 to Rs 87, 98 per liter. Finance capital currently has the highest fuel rates among the four subways. The prices of gasoline and diesel differ from state to state due to value added tax.
Read also: Gasoline and diesel prices fell for the first time in 2021; check the prices in the main cities
Below are the latest gasoline and diesel prices in four metropolitan cities:
City Gasoline Diesel
Bombay 96.95 87.98
Chennai 92.55 85.90
Delhi 90.55 80.91
Calcutta 90.76 83.78
Source: Indian oil
The state-owned oil marketing companies – Hindustan Petroleum, Indian Oil Corporation and Bharat Petroleum adjust domestic fuel prices to world crude oil prices taking into account changes in exchange rates. Fuel price changes take effect from 6 a.m. each day. This is the first drop in gasoline and diesel prices in April as crude oil has now exceeded $ 66 per barrel on the international market.
Fuel prices remained stable across India for 18 consecutive days until Monday, May 3, revised on April 15.
Prices were continuously increased, hitting a new all-time high ahead of the announcement of Assembly elections in four states. However, with the polls now closed, gasoline and diesel prices are expected to rise again.
Central and state taxes account for 60 percent of the retail price of gasoline and over 54 percent of diesel. The union government levies 32.90 rupees per liter of excise duty on gasoline and 31.80 rupees on diesel.
Read also: Reduction of excise duties on gasoline, diesel on the cards, assures the head of the CBIC
International Crude Oil Prices
Oil rose more than 1% on Monday, May 3, with Chinese economic figures and U.S. vaccination rates pointing to a strong rebound in demand in the world’s two largest economies.
Investors, however, remain wary of record infection rates in India, the world’s third largest importer of fuel, as well as OPEC + ‘s higher oil supply.
Brent crude rose 80 cents, or 1.2%, to $ 67.56 a barrel. US West Texas Intermediate rose 91 cents, or 1.4%, to $ 64.49 a barrel.
Brent has risen nearly 30% this year, recovering from historic lows of last year thanks to record cuts in supply from the Organization of the Petroleum Exporting Countries and its allies, collectively known as of OPEC +.