Fuel prices have been increased for the second consecutive day on Tuesday. While petrol price has been soared by a steep 25-27 paise per litre, diesel by 33 paise for a litre, according to the chart released by state-owned fuel retailers.
After the recent hike, petrol has become most expensive in last one year. In Delhi, a litre of petrol costs Rs 91.8. Petrol price is all set to touch Rs 100-mark in the financial capital. A litre of petrol is being sold at Rs 98.12 in Mumbai on Tuesday. One litre of petrol is available at Rs 91.92 in Kolkata and Rs 93.62 in Chennai.
Diesel price has also seen a sharp rise in the last two days. In Mumbai, a litre of diesel is being sold at Rs 89.48. In Delhi, a litre of diesel is priced at Rs 82.36. Diesel costs Rs 85.20 in Kolkata and Rs 87.25 in Chennai.
After a hiatus of 18 days, fuel prices rose on May 4, a day after results of assembly polls were declared In the last eight days. Petrol has been costlier by around Rs 1.41 per litre and diesel by ₹1.68 in the last eight days.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel. The union government levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 on diesel.
Oil prices settled higher on Monday after a major US fuel pipeline said it could largely restart within the week after a cyberattack forced its shutdown. Brent crude settled up 4 cents, or 0.1%, at $68.32 a barrel. US West Texas Intermediate (WTI) crude settled up 2 cents, or 0.03% at $64.92, according to Reuters. Both benchmarks rose more than 1% last week, their second consecutive weekly gain.
Brent crude has risen more than 30% this year, supported by supply cuts by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, and easing coronavirus movement restrictions in the United States and Europe.