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After a gap of 83 days, petrol and diesel prices rose by 60 paise a liter on Sunday as state-owned oil companies decided to resume daily price revisions.
In Delhi, the price of a liter of petrol will now be Rs 71.86 instead of Rs 71.26, while people will have to pay Rs 69.99 for a liter of diesel instead of Rs 69.39 earlier.
The last revision in fuel prices was made on 16 March, before a nationwide lockout and the price has always continued, given the extreme volatility in the international oil markets.
The government had on 6 May raised excise duty on petrol and diesel to Rs 10 and Rs 13 respectively. However, the oil companies decided to balance it against the fall in global crude oil prices instead of giving it to consumers.
On the other hand, many state governments imposed VAT or cess on fuel prices to compensate for the loss of revenue during the ongoing coronary virus crisis.
The additional cess of Rs 2 per liter was announced by the Maharashtra government on 30 May. A day earlier, the Jammu and Kashmir administration levied a tax of Rs 2 on petrol and Rs 1 per liter on diesel.
Other states that followed the route were Delhi, Punjab, Haryana, Odisha, Himachal Pradesh and Jharkhand.
Price of petrol diesel: Even today the prices of petrol and diesel have not changed, know how much is the price
Today, there's no increase within the prices of petrol and diesel by the state oil companies. There has been no change within the prices of petrol and diesel for the 26th consecutive day. This has brought tons of relief to consumers.
Know how much is that the price in your city
You can also know the worth of petrol and diesel through SMS. consistent with the web site of Indian Oil, you've got to write down RSP and your city code and send it to number 9224992249. The code for every city is different, which you'll get from the IOCL website.
Please tell that the worth of petrol and diesel changes at six within the morning. The new rates are applicable from 6 am. After adding excise duty, dealer commission and other things to the worth of petrol and diesel, its price almost doubles. Petrol and diesel prices change a day counting on what the petroleum prices are within the international market with exchange rates.
Based on these standards, oil companies work daily to line petrol rates and diesel rates. The dealers are the people running the petrol pumps. They sell petrol at retail prices to consumers after adding taxes and their own margins. This cost is additionally added to the petrol rate and diesel rate.
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