Petrol and diesel prices have been hiked again on Thursday. In Delhi, petrol prices have been increased by 26 paise to retail at Rs 97.76 per litre. Diesel prices have also become dearer in the national capital by 7 paise to retail at Rs 88.30 per litre.
In Mumbai, one has to shell out Rs 103.89 for a litre of petrol and Rs 95.79 for a litre of diesel. With the latest hike, petrol is now being sold at Rs 98.88 per litre and diesel at Rs 92.89 per litre in Chennai.
In West Bengal's Kolkata, petrol prices went up to Rs 97.63 per litre and diesel price too went up to 91.15 per litre.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Petrol retails at over Rs 100 per litre mark in eight states and union territories -- Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir and Ladakh.
Among the metros, petrol is already above Rs 100 in Mumbai, Hyderabad and Bengaluru. Rajasthan levies the highest VAT on petrol and diesel in the country, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana.
Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates. International oil prices have firmed up in recent weeks in anticipation of demand recovery following the rollout of vaccination programme by various countries. Also, the rupee has weakened against the US dollar, making imports costlier.