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The state-owned oil marketing companies (OMCs) raised petrol and diesel prices for a third consecutive day on Thursday amid the deepening Covid-19 crises. With today’s hike, petrol and diesel prices will be costlier by up to 30 paise across the metro cities.
In Delhi, petrol prices have been raised by 25 paise from Rs 90.74 per litre to Rs 90.99 per litre and diesel prices have been raised by 30 paise from Rs 81.12 per litre to Rs 81.42 per litre, according to Indian Oil Corporation (IOL).
In Mumbai, petrol and diesel will now cost Rs 97.34 per litre and Rs 88.49 per litre, respectively. The fuel prices in Mumbai remains the costliest among the four metro cities. Petrol and diesel prices vary across states in India due to the value-added tax.
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In Chennai, petrol prices are Rs 92.90 and diesel 86.35 while in petrol prices Kolkata 91.14 and diesel prices are 84.26, according to Indian Oil.
Earlier, petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.
It is to be noted that petrol and diesel prices are fixed on the basis of freight charges, local taxes, and VAT. Petrol and diesel prices vary from state to state due to taxations imposed by central and state governments.
The central and state taxes comprise 60 per cent of the retail selling price of petrol while more than 54 per cent for diesel. Centre levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 a litre on diesel.
Even though the prices were raised after the declaration of election results in five states, however, the state-run OMCs and the government have insisted the rates have not been impacted by the elections and there is no correlation between the two factors.
The government maintains stance that it has no role in fuel pricing since the three government-run OMCs implemented dynamic fuel pricing, followed by the US and Australia, where fuel prices vary depending on global oil price fluctuations.
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