New Delhi, May 5: The prices of petrol and diesel in India have hiked again on the second consecutive day on Wednesday, May 5. Petrol and Diesel prices were increased marginally as state-owned fuel retailers started passing on the increase in international oil prices to consumers after an 18-day hiatus since Tuesday. With the latest hike in fuel prices, the price of petrol and diesel in Delhi on Wednesday stands at Rs 90.74 per litre and Rs 81.12 per litre respectively.
Rates have been increased across the country and vary from state to state depending on the local incidence of taxation (VAT). In Mumbai, petrol is being sold at Rs 97.12 per litre on Wednesday, while diesel costs Rs 88.19 per litre. Meanwhile, in Chennai, petrol costs Rs 92.70 per litre while diesel is being priced at Rs 86.09. The petrol and diesel rates in Kolkata today stand at Rs 90.92 per litre and Rs 83.98 per litre in Kolkata respectively. World May See Peak of Petrol, Diesel Demand by 2035 but Not in India, Says Oil Ministry Official.
Petrol and Diesel Prices in Metro Cities on May 5, 2021:
|Delhi||Rs 90.74/ litre||Rs 81.12/ litre|
|Mumbai||Rs 97.12/ litre||Rs 88.19/ litre|
|Chennai||Rs 92.70/ litre||Rs 86.09/ litre|
|Kolkata||Rs 90.92/ litre||Rs 83.98/ litre|
The two auto fuel prices were static for 18 days prior to this increase. The state-owned fuel retailers -- Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- are supposed to revise rates daily based on input cost. On May 4, petrol price was increased by 15 paise per litre and diesel by 18 paise after an 18-day break. With this, the price of petrol surged to Rs 90.55 per litre in Delhi, up from Rs 90.40, according to a price notification of state-owned fuel retailers.
Despite the concerns posed by COVID-19 in India denting demand, crude oil prices in the international market have risen primarily on account of strong US demand recovery and a weak dollar. The fuel prices had been on a continuous uptrend since April 27. Experts believe that the crude oil prices in the international market will remain firm in the near future, exerting upward pressure.
(The above story first appeared on LatestLY on May 05, 2021 08:22 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).