Petrol, diesel prices rise for 4th day in a row; check rates in Delhi, Mumbai, Lucknow and other cities

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Petrol and diesel prices rose for the fourth straight day on May 7, with petrol becoming costly by 28 paise and diesel by 31 paise per litre. After today’s revision, a litre of petrol in Delhi will cost Rs 91.27 while diesel will cost Rs 81.73. In Mumbai, you’ll have to pay Rs  97.61 and Rs 88.82 for a litre of petrol and diesel respectively. Currently, fuel prices are highest in Mumbai among all metro cities.

Oil marketing companies had hiked fuel prices on May 4 for the first time after February 23. The revision came after the results were declared for the assembly elections in West Bengal, Assam, Kerala, Tamil Nadu, and Puducherry on Sunday. Within four days petrol price has increased by 87 paise and diesel by one rupee.

Here are the latest petrol and diesel prices in top 10 cities:

Fuel prices differ from state to state as taxes get levied on them by both central as well as state governments along with the freight charges. These taxes make up for 61 per cent of the retail selling price of petrol and over 54 per cent of diesel. Centre levies Rs 32.98 per litre of excise duty and Rs 19.55 VAT on petrol.

For diesel, the central add excise duty up to Rs 31.83 and VAT to Rs 10.99. Besides, the price also includes a dealer commission of a minimum of Rs 2.6 per litre on petrol and Rs 2 on diesel.

Prices change every morning

State-run oil marketing companies – Bharat Petroleum, Indian Oil Corporation and Hindustan Petroleum – align domestic fuel prices with global crude rates by taking into account any alterations in the foreign exchange rates. Any changes in fuel rates are implemented with effect from 6 am each day.