After remaining steady for two days, petrol and diesel prices rose again and touched new highs across the country on Tuesday, February 23, 2021. In the national capital, petrol and diesel prices were hiked by 35 paise per litre each.
With today’s price revision, petrol in Delhi is now retailing at Rs 90.93 a litre while diesel breached the Rs 81 per litre mark and is selling at Rs 81.32. In the financial capital Mumbai, petrol price now stands at Rs 97.34 while diesel costs Rs 88.44.
Among the two cities where petrol price breached the Rs 100-mark last week, the key auto fuel was at Rs 101.59 in Rajasthan’s Sri Ganganagar, while diesel was retailing at Rs 93.61 per litre. In Madhya Pradesh’s Anuppur, petrol today costs Rs 101.34 per litre and diesel is selling for Rs 91.81, data available on Indian Oil Corporation’s website showed.
Petrol and diesel prices vary from state to state as taxes are levied on them by both central as well as state governments along with freight charges.
Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh.
Last week, Petroleum Minister Dharmendra Pradhan called on oil-exporting countries to ease production cuts, which have been contributing to rising international crude oil prices.
Prices of petrol and diesel generally get revised on a daily basis in line with benchmark international price and foreign exchange rates.
In the global markets, oil prices jumped by more than $1 on Tuesday, as US output was slow to return after a deep freeze in Texas shut in crude production last week, according to the report.
Brent crude was up $1.06 (1.6 per cent) at $65.30 a barrel by 0204 GMT, after earlier hitting a high of $66.38. US crude rose 81 cents (1.4 per cent) to $62.51 a barrel, after hitting a session high of $62.73. Both benchmarks have risen more than 1 per cent after climbing nearly 4 per cent in the previous session, the report said.