Petrol, Diesel Prices Touch New Highs On Tuesday

Fuel Prices: Domestic petrol and diesel prices vary across states due to value added tax (VAT).
Fuel Prices: Domestic petrol and diesel prices vary across states due to value added tax (VAT).

Petrol, Diesel Prices Today: Petrol prices touched fresh all-time highs in the national capital on Tuesday January 26. In the national capital, the price of petrol was hiked by 35 paise to Rs 86.05 per litre from Rs 85.70 and diesel was increased by a similar amount to Rs 76.23 from Rs 75.88 per litre, according to Indian Oil Corporation, the country's largest fuel retailer. Meanwhile, in Mumbai, the revised petrol and diesel prices were Rs 92.62 per litre and Rs 83.03 per litre respectively. The current price of petrol is the highest ever in the national capital, and diesel is at a record high in Mumbai. (Also ReadHow To Check Latest Petrol And Diesel Rates In Your City)

Here are the current prices of petrol and diesel (in rupees per litre):

City Petrol Diesel
Delhi 86.05 76.23
Mumbai 92.62 83.03
Chennai 88.60 81.47
Kolkata 87.45 79.83
Source: Indian Oil

Petrol and diesel rates have recorded an upswing since January 6, 2021 after staying unchanged for almost a month. Fuel rates have increased amid a rally in global crude oil prices, with coronavirus vaccination drives beginning across the world. 

Oil marketing companies  - Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum align the prices of domestic fuel with global benchmarks, by taking into account any changes in the foreign exchange rates. Any alterations in fuel prices are implemented with effect from 6 am every day. The fuel rates vary from state to state across the country due to the value-added tax or VAT.

Meanwhile, oil prices rose about 1 per cent on on Tuesday, January 27 as optimism around U.S. stimulus plans and some supply concerns boosted futures, but demand worries prompted by coronavirus lockdowns limited gains.

Brent crude futures rose 47 cents, or 0.9 per cent, to settle at $55.88 a barrel and U.S. West Texas Intermediate crude ended 50 cents, or 1 per cent, higher at $52.77 a barrel.