New Delhi: Petrol and diesel rates were yet again revised on Monday by the oil marketing companies. Fuel prices have witnessed sporadic rise in the last few days.
Petrol price was increased by 29 paise per litre and diesel by 24 paise a litre in the national capital, according to a price notification of state-owned fuel retailers. The hike has pushed petrol and diesel prices to record-high levels across the country.
Petrol price in Delhi rose to Rs 94.23 a litre and diesel to Rs 85.15 a litre. In Mumbai, petrol price climbed above Rs 100 to Rs 100.47 a litre and diesel to Rs 92.45 per litre. Rates had already crossed the Rs 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra.
Here is looking at the price difference of diesel and petrol in four metro cities on May 31, 2021.
Check petrol, diesel prices in your city, here is how to do it
In India, petrol and diesel prices are revised daily in the morning at 6 AM. Anyone can easily check the rate of petrol and diesel by sending an SMS to 9224992249. All you need to is type RSP <space> Petrol Pump Dealer Code and send it to 9224992249. You can find the RSP code of your locality by visiting the official site of the petrol pump near you.
Rates had already crossed Rs 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra and with the latest increase, price in Mumbai too was inching towards that level.
But why are fuel prices constantly on the rise?
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh and Maharashtra.
The excise tax levied by the Central and state government one of the reasons behind fuel price hike.
Fuel rates in the international market determine the rates of oil prices in India. When global fuel prices go up, OMCs hike prices in the country.