Petrol and diesel prices were raised by 80 paise per litre for the second consecutive day on Wednesday.
Petrol and diesel prices were hiked by 80 paise per litre in Delhi. The petrol will be sold at Rs 97.01 per litre while it would be Rs 88.27 for diesel on Wednesday.
In the financial capital of the country, Mumbai, the petrol and diesel prices were raised by 85 paise a litre and it will be sold at Rs 111.67 and Rs 95.85 per litre respectively.
In Chennai, the price of petrol is Rs 102.91 per litre, which was increased by 75 paise and diesel is Rs 92.95 after an increase by 76 paise per litre.
While in Kolkata, the price of petrol was increased by 83 paise per litre and the diesel was increased by 80 paise per litre.
Petrol and diesel will be sold at Rs 106.34 at Rs 91.42 per litre respectively in Kolkata.
Petrol and diesel prices differ from state to state depending on the incidence of value-added tax.
Petrol and diesel prices were increased by 80 paise per litre yesterday after a period of over four months.
Accordingly, the increase in selling price, which includes state levies, central excise and cess amongst other factors, came days after an astronomical rise in crude oil prices due to the Russia-Ukraine war.
The price of domestic cooking gas (LPG) was increased by Rs 50 per cylinder yesterday.
Till Tuesday, fuel prices were steady since early November when the Centre reduced excise duty on petrol and diesel by Rs 5 and Rs 10 per litre, respectively.
The OMCs revise the transportation fuel cost based on various factors such as rupee to US Dollar exchange rate, cost of crude oil and demand of fuel amongst others.
Resultantly, the final price includes excise duty, value-added tax and dealer’s commission.
It was widely expected that the OMCs will revise the current prices due to high crude oil costs.
Lately, crude oil prices have been volatile surging by nearly 35-40 per cent on fear of tight supplies.
Furthermore, it is feared that current sanctions against Russia will curtail more global supplies and stifle growth.
The crude oil price range is a cause of concern for India as it may ultimately add Rs 15-Rs 25 in petrol and diesel selling prices.
At present, India imports nearly 85 per cent of its crude oil requirements.
(With inputs from Agencies)