Petrol and diesel prices have been raised by 35 paise across metros today, taking the prices to an all-time high in the national capital. According to oil marketing companies' daily pricing formula, petrol in Delhi costs Rs 87.30 today, while in Mumbai, it's Rs 93.83 per litre. Diesel prices have risen to Rs 77.48 per litre in the national capital and it's Rs 84.36 per litre in Mumbai.
Similarly, in Chennai, petrol is priced at Rs 89.70 per litre and diesel stands at Rs 82.66 per litre. In Kolkata, petrol is priced at Rs 88.63 per litre and diesel costs Rs 81.06 per litre.
Petrol and diesel prices have flared up like never before in the past 30 days. So far, both petrol and diesel prices have risen by over Rs 3/litre since January 6.
State-run oil marketing companies (OMCs) revise petrol and diesel prices daily based on international oil prices and foreign exchange rates. Global oil prices reached their highest levels in around a year on the back of global oil producers' commitment to hold back crude supply and signs of economic growth in the US.
Crude oil prices are also at their highest since January 2020. Crude oil prices rose 2 per cent on Monday to their highest in over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further US economic stimulus, Reuters data suggests.
As of Monday, Brent crude oil rose $1.22, or 2.1%, to settle at $60.56 a barrel, while US. West Texas Intermediate rose $1.12, or 2%, to settle at $57.97 a barrel.
Fluctuations in global oil prices and foreign exchange rates are not the only causes behind the rise in fuel rates. Other reasons for hike in petrol and diesel rates are central excise duty and states' Value Added Tax (VAT).
According to Petroleum Planning and Analysis Cell (PPAC), petrol price itself is priced at around Rs 26.34 per litre. The rest is taxes, duty and dealer's commission.