After a day's pause, petrol and diesel prices were increased across cities on Sunday, May 16. According to the Indian Oil Corporation, petrol price in Delhi has been raised by 24 paise, from ₹92.34 per litre to ₹92.58 per litre, while diesel price has been raised by 27 paise, from ₹82.95 per litre to ₹83.22 per litre. According to the state-run oil refiner, the highest petrol and diesel prices are currently in Mumbai, where petrol is being sold at ₹98.88 and diesel at ₹90.40 per litre.
This is the fifth rate hike this week and the ninth since oil marketing firms resumed rate revisions following the assembly elections on May 4, reported NDTV. In Bengaluru petrol costs ₹95.66 per litre in Bengaluru, while diesel costs ₹88.22. Petrol is ₹103.52 per litre in Sri Ganganagar, Rajasthan, while diesel is ₹95.99 per litre. In Bhopal, a litre of petrol costs ₹100.63 rupees, while a litre of diesel costs ₹91.59 rupees. Fuel prices in Madhya Pradesh's Anuppur district are ₹103.21 per litre and 93.98 per litre, respectively.
Fuel rates vary by state due to the presence of value-added tax (VAT) and freight charges. Rajasthan has the highest petrol VAT in India, led by Madhya Pradesh. The latest increase in fuel prices, according to oil marketing firms, can be attributed to two key factors. High international crude oil prices and a strategy to make up for past revenue losses suffered by companies during the 66-day price hike pause that began on February 27 due to assembly elections taking place in the country.