Fire in prices of Diesel and Petrol: Current Affairs Special Series

Team Adda247 and BankersAdda are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is Fire in prices of Diesel and Petrol.

Fire in prices of Diesel and Petrol

The price of Diesel in the national capital crossed Rs.84 mark today (i.e. 23 May) while the rate of petrol in the Industrial capital city of India, Mumbai is near to Rs.100 a liter after fuel prices were raised again. 

According to a price notification of state-owned fuel retailers, Petrol price is increased by 17 paise per liter and the price of Diesel by 29 paise per liter. This is the 12th hike of this month which pushed petrol and diesel prices to an all-time high across the country. In Delhi, petrol rates have climbed to Rs.93.21 per litre and diesel rose to Rs.84.07 per liter. In several cities of Rajasthan, Madhya Pradesh, and Maharashtra have seen the rates which were already crossed the Rs.100 mark and with the latest increase, the price in Mumbai too was inching towards that level. A litre of petrol in Mumbai at Rs.99.49 and diesel is priced at Rs.91.30 per liter. 

States have different fuel prices due to dependence on the incidence of local taxes such as VAT and freight charges. The highest value-added tax (VAT) on petrol in the country is levied by Rajasthan followed by Madhya Pradesh and Maharashtra. 

On the basis of the average price of benchmark fuel in the international market in the preceding 15-days and foreign exchange rates, Oil Companies revise rates of petrol and diesel daily.

This is the 12th increase in prices since May 4, when the oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.