Petrol and Diesel Rate today: Domestic petrol and diesel prices vary from state to state due to VAT
Petrol, diesel prices today: Petrol and diesel prices have been raised again across the four metros on Tuesday, June 1. The prices have been increased for the 17th time since May 4. In the national capital, petrol prices were raised by 26 paise from Rs 94.23 to Rs 94.49 and diesel prices were increased by 23 paise from Rs 85.15 per litre to Rs 85.38 per litre, according to Indian Oil Corporation.
State-run oil refiners had hiked petrol and diesel prices on May 4, ending an 18-day hiatus in rate revision observed during the assembly elections held in states such as Tamil Nadu and West Bengal among others. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City)
Petrol had crossed the Rs 100 mark in Mumbai on May 29 and the revised price in the financial capital stands at Rs 100.72 per litre. Diesel is retailed at Rs 92.690 per litre in Mumbai. Moreover, the petrol rates had already crossed the Rs 100-mark in several cities of Madhya Pradesh and Rajasthan. Fuel rates vary across the states in the country due to value-added tax or VAT.
Below are the latest petrol and diesel prices across four metro cities:
The state-run oil marketing companies including Indian Oil Corporation (IOC), Bharat Petroleum, and Hindustan Petroleum align the rates of domestic fuel with that of global crude oil prices by taking into account any changes in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.
Meanwhile, oil prices rose on Tuesday ahead of an OPEC+ meeting and on optimism that fuel demand will grow in the months ahead with the summer driving season starting in the United States, the world’s top oil consumer.
Brent crude futures for August gained 56 cents, or 0.8 per cent, to $69.88 a barrel and U.S. West Texas Intermediate crude for July was at $67.33 a barrel, up $1.01, or 1.5 per cent from Friday’s close.