Petrol, diesel prices hiked across metro cities for fourth consecutive day

New Delhi, May 07: Petrol, diesel prices across metro cities were hiked again for the fourth consecutive day on May 7, after a hiatus of nearly two months.

In Delhi, petrol costs Rs 91.27 per litre for petrol and Rs 81.73 per litre for diesel. In Mumbai, the prices increased to Rs 97.61 per litre and Rs 88.82 per litre for petrol and diesel, respectively.

In Kolkata, the petrol costs now Rs 91.41 per litre and diesel is at Rs 84.57 a litre. Similarly, petrol cost in Chennai is now Rs 93.15 per litre and diesel at Rs 86.65 per litre.

Rates have been increased across the country and vary from state to state depending on the local incidence of taxation (VAT).

This is the fourth straight day of increase in petrol and diesel prices since state-owned fuel retailers ended an 18-day hiatus in rate revision during assembly elections in states like West Bengal.

In three days, petrol price has increased by 59 paise per litre and diesel by 69 paise - neutralising most of the reduction that came between March 24 and April 15.

Oil companies, who have in recent months resorted to unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on April 15.

Despite the concerns about rising COVID-19 cases 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.

Prices have been on a continuous uptrend since April 27, an industry official said adding crude oil prices are near USD 70 per barrel mark.

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.