India's largest oil retailer, Indian Oil, increased the fuel prices on Monday, May 10. The petrol and diesel prices were stable for the last two days. In Delhi, petrol prices increased by ₹0.26 from ₹91.27 per litre to ₹91.53 per litre, and petrol prices have increased by ₹0.33 from ₹81.73 per litre to ₹82.06 per litre reported NDTV. In Mumbai, petrol was sold at ₹97.86 per litre, while diesel was sold at ₹89.17 per litre. The new prices are in effect from 6:00 am daily.
The rates of domestic fuel are aligned by state-run companies like Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum by taking the global crude oil prices by the foreign exchange into account.
The fuel prices per litre in major Indian cities are as follows:
Petrol prices crossed ₹100 per litre in Sriganganagar in Rajasthan and Annupur in Madhya Pradesh. Rajasthan levies the highest value-added tax on petrol and diesel in the country, followed by Madhya Pradesh.
The present rise comes after crude oil prices rose by over 1 per cent on Monday after a major cyberattack that forced the shutdown of critical fuel supply pipelines in the United States.
Indian oil prices change almost every day depending upon the exchange rate, the crude oil prices in the international market, and the demand in the Indian market. Both petrol and diesel don't come under GST, and the Centre as well as state government levy taxes on it. If the taxes are removed, the price of a litre of petrol might come down by at least ₹50. However, these taxes are a major revenue source for the governments. For more information about taxes on fuel, please watch The Logical Indian's explainer below.
Also Read: Union Minister Writes To CM Yogi Adityanath Over 'Oxygen' Shortage In Bareilly