Prices of petrol and diesel were hiked for the second consecutive day on May 5 after a long hiatus. Petrol price in Delhi was hiked by 19 paise, taking it to Rs 90.74 per litre as compared to Rs 90.55 per litre on May 4. Diesel price in the national capital touched a new high of Rs 81.12 per litre, increasing 21 paise from a day earlier.
Oil marketing companies had hiked fuel prices across metropolitan cities on May 4, for the first time since February 23 with the assembly elections being held in the intervening period.
The fuel prices vary from state to state depending on local taxation (VAT). Central and state taxes make up for 60 percent of the retail selling price of petrol and over 54 percent of diesel.
In Mumbai, the prices increased to Rs 97.12 per litre and Rs 88.19 per litre for petrol and diesel, respectively.
Consumers in Chennai would have to shell out Rs 92.70 per litre for petrol and Rs 86.09 per litre for diesel. In Kolkata, the prices reached Rs 90.92 per litre for petrol and Rs 83.98 per litre for diesel.
The state-run oil marketing companies – Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum – decide the rates of domestic fuel with the global crude oil prices by taking into account changes in the foreign exchange rates.
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