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Oil marketing companies (OMCs) on Monday continued with the auto fuel price revision by raising the retail selling price (RSP) of petrol and diesel in the range of 38-43 paise a litre. This is the 12th price hike since March 22.
Post this hike, the prices have been raised by around ₹8.25-8.56 per litre each for petrol and diesel, respectively. OMCs resumed the daily price revision on March 22 after a hiatus of 137 days.
Following the price revision, the rate of petrol, or motor spirit (MS), in the national capital is ₹103.81 per litre (up 40 paise) while the revised rates in Mumbai, Chennai and Kolkata are ₹118.83 per litre (up 42 paise), ₹109.34 (up 38 paise), and ₹113.45 (up 42 paise), respectively.
Similarly, diesel, or high speed diesel (HSD) now costs ₹95.07 a litre (up 40 paise) in the national capital.. The diesel prices in Mumbai, Chennai and Kolkata are now ₹103.07 a litre (up 43 paise), ₹99.42 (up 38 paise) and ₹98.22 (up 40 paise), respectively.
Price revision
The OMCs halted the daily price revision of petrol and diesel on November 4, 2021 in view of Assembly elections in five States including the politically significant Uttar Pradesh and Punjab.
The last revision took place on November 3, 2021 with petrol prices being revised to a record ₹110.04 a litre and diesel at ₹98.42 a litre in Delhi. The prices in Kolkata, Mumbai and Chennai were higher.
A day later, to offer respite to the common man and check rising inflation, the Centre reduced central excise duty on petrol and diesel by ₹5 and ₹10 per litre, respectively. Following this reduction many States reduced value added tax (VAT) on petrol and diesel.
Domestic petrol and diesel prices are linked to the international costs of the two fuels, which move proportionally to crude oil prices. The daily price revision mechanism was started in June 2017. OMCs generally revise auto fuel rates on a daily basis in line with the average price of benchmark fuels in the global market in the last 15 days.
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