Petrol-diesel became more expensive for the second time in 5 days, Know the Rates

Petrol Diesel Price Hike: Another major shock is waiting for common people. The government again increased the Petrol Diesel price today on May 19. Yes you’ve heard it right. The recent increase has been approximately 91 paise per liter. It’s worth noting that this marks the second price hike for petrol and diesel within a week.

As a result of this increase, the petrol price in Delhi has risen by 87 paise, going from Rs 97.77 per liter to Rs 98.64 per liter, while diesel has seen a rise of 91 paise, moving from Rs 90.67 per liter to Rs 91.58 per liter.

What about the price changes in Mumbai?

In Mumbai, petrol prices have gone up by 91 paise, now costing Rs 107.59 per litre, and diesel will be priced at Rs 94.08 per litre, reflecting an increase of 94 paise.

This recent adjustment follows a Rs 3 per liter hike in fuel prices that occurred on Friday. The increase is attributed to rising global crude oil prices, which have been affected by the ongoing conflict in the Middle East and the disruptions caused by the closure of the Strait of Hormuz.

Indications from the Petroleum Minister

Last week, on Tuesday, Petroleum Minister Hardeep Singh Puri indicated that state-owned oil companies might struggle to continue absorbing daily losses of Rs 1,000 crore from selling petrol and diesel below market rates. This was interpreted as a hint towards an impending increase in fuel prices.

Factors influencing petrol and diesel prices

In India, fuel prices are influenced by various factors, with global crude oil prices being the most significant, as crude oil is the primary raw material for producing petrol and diesel. Additionally, the rupee-dollar exchange rate plays a role, given that India imports a substantial portion of its crude oil. Moreover, central excise duty and state-level VAT have a considerable effect on the final pricing of petrol and diesel, which is why prices can differ from one city to another.

The excise duty has been lowered by Rs 10 each.

In the past, the government had cut the special excise duty by Rs 10 each to help manage the prices of petrol and diesel. The excise duty on petrol decreased from Rs 13 per liter to Rs 3, while the duty on diesel was slashed from Rs 10 to nothing. Previously, the central government collected a total excise duty of Rs 21.90 per liter of petrol, but after the reduction, this figure dropped to Rs 11.90. At the same time, the total central excise duty on a liter of diesel fell from Rs 17.8 to Rs 7.8.

PM Modi emphasized the need to reduce fuel consumption

Recently, Prime Minister Narendra Modi called for the careful use of petroleum products due to the geopolitical circumstances in West Asia. He mentioned that it is crucial to use petrol, gas, and diesel with great caution.