Petrol and diesel prices hiked for third consecutive day as polls conclude
By Administrator_ India
Fuel prices across metro cities was hiked for the third consecutive day on May 6. In the national capital Delhi, petrol prices were hiked by 25 paise and diesel prices by 30 paise.
People in New Delhi will now shell out Rs 90.99 per litre for petrol and Rs 81.42 per litre on diesel.
In Mumbai, the prices increased to Rs 97.34 per litre and Rs 88.49 per litre for petrol and diesel, respectively.
Consumers in Chennai will now have to shell out Rs 92.90 per litre for petrol and Rs 86.35 per litre for diesel. In Kolkata, the prices reached Rs 91.14 per litre for petrol and Rs 84.26 per litre for diesel.
Oil marketing companies (OMCs) had hiked fuel prices across metropolitan cities on May 4, for the first time since February 23, with the assembly elections being held in the intervening period.
Fuel prices vary across states depending on local taxation like value added tax (VAT). Central and state taxes make up for 60 percent of the retail selling price of petrol and over 54 percent of diesel.
The state-run OMCs – Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum – decide the rates of domestic fuel against global crude oil prices by taking into account changes in foreign exchange rates.