For the sixteenth time in this month, petrol and diesel prices have been hiked by oil companies. A litre of petrol now costs Rs 94.23 in Delhi while diesel is priced at Rs 85.15 per litre. On Monday prices for petrol and diesel were hiked by Rs 29 paise and 26 paise respectively.
In Mumbai, the retail price of petrol had already crossed the Rs 100 mark on Saturday. After Monday’s hike, petrol now costs Rs 100.47 for a litre. Diesel’s selling price also increased to Rs 92.45.
it is worth noting that petrol prices have already crossed the Rs 100 figure in several cities of Madhya Pradesh, Maharashtra and Rajasthan, the three states which charge the highest taxes on the two fuels.
In Chennai, petrol and diesel are being sold on Monday at Rs 95.76/litre and Rs 89.90/litre respectively, according to Indian Oil.
In Kolkata, the latest price hike has increased the price of petrol and diesel to Rs 94.25 per litre and Rs 88.00 per litre respectively.
Oil companies like- Hindustan Petroleum, Indian Oil and Bharat Petroleum change the prices of the two fuels every day based on the average price of Benchmark crude oil in the past fifteen days in the international market. However, the price at which petrol and diesel are sold to the consumers also depends on the tax rates applied by the governments. Prices vary across states as each state government applies different tax rates of value-added tax(VAT) and freight charges.