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Petrol, Diesel Prices Today, May 24, 2021: Petrol prices just 51 paise short of breaching Rs 100 in Mumbai
Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates.
Highlights
- Rates differ from state to state.
- Rates depend on the incidence of VAT.
- Taxes make up for nearly two-third of the retail selling price.
New Delhi: Petrol and diesel prices were unchanged on Monday as oil marketing companies decided to pause fuel rates.
Petrol price on Sunday was increased hiked by 17 paise and 27 paise, respectively, pushing rates across the country to record highs and that of petrol in Mumbai just 51 paise short of breaching Rs 100 a litre.
The price of per litre petrol and diesel in the capital city is Rs 93.21 and Rs 84.07, respectively. In Mumbai, per litre is now selling at Rs 99.49 after a 17 paise hike. Diesel in the financial capital of India is retailing at Rs 91.30 per litre with a 29 paise hike.
Here is looking at the price difference of diesel and petrol in four metro cities on May 24, 2021.
| City | Petrol | Diesel |
|---|---|---|
| Delhi | 93.21 | 84.07 |
| Mumbai | 99.49 | 91.30 |
| Chennai | 94.86 | 88.87 |
| Kolkata | 93.27 | 86.91 |
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.
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.
Since March last year when the government raised excise duty on fuel to an all-time high.
Central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. The union government levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 on diesel.
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