Fuel price today: Metro cities witness yet another hike in petrol, diesel rates

The metro cities of India witnessed yet another hike in the prices of diesel and petrol on Sunday as fuel rates surged 31 paise and 21 paise, respectively. As the price hike by the oil companies continues, the petrol prices on Saturday reached Rs 82.34, while diesel costs Rs 72.42 for a litre in the national capital. Delhi has witnessed a total increase in the price of petrol and diesel by Rs 1.28 and Rs 1.96, respectively, in the past ten days.

The fuel prices are determined by the value-added tax (VAT) levied by the state governments, which makes them different across states. The following are the fuel prices in the metro cities:

Petrol

Delhi: Rs 82.34 Mumbai: Rs 89.02 Kolkata: Rs 83.87 Bengaluru: Rs 85.09 Chennai: Rs 85.31

Diesel

Delhi: Rs 72.42 Mumbai: Rs 78.97 Kolkata: Rs 75.99 Bengaluru: Rs 76.77 Chennai: Rs 77.84

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Oil marketing companies (OMCs) had kept the petrol rates constant starting  September 22, and did the same for diesel prices since October 2. The revisions for the retail rates of both diesel and petrol started on November 20.

There were also periods where no changes were made in prices - between March 17, 2020 and June 6, 2020; and between June 30, 2020 and August 15, 2020.

As of today, Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation are the biggest oil marketing companies in India. The OMCs revise petrol and diesel rates on a daily basis, in order to align the fuel prices with the global benchmark, as well the dollar/rupee exchange rate.

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