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Petrol, diesel prices rise again on Tuesday after two-day pause. Check today’s latest rates in top cities

Petrol Diesel Price Rate Today: A litre of petrol today costs Rs 90.93 in Delhi and Rs 97.34 in Mumbai. Diesel, on the other hand, costs Rs 81.32 a litre in Delhi and Rs 88.44 per litre in Mumbai.

New Delhi: Petrol and diesel prices in the country again went up on Tuesday (February 23) because of the sharp rise in crude oil prices in the global market. After the daily revision in retail auto fuel rates, petrol prices rose by 31-35 paise while diesel prices rose by 33-38 across the major cities in the country. It is worth noting that amid pressure to check the fuel price rise, state-run oil marketing companies (OMCs) decided to keep petrol and diesel prices static on Monday for the second consecutive day.

In Delhi, petrol prices peaked to Rs 90.93 (35 paise more) a litre as against Rs 90.58 on Monday while diesel price soared to Rs 81.32 per litre as compared to Rs 80.97 a litre on Monday, as per data from Indian Oil Corporation (IOL) website. So far this month, the pump prices of petrol have gone up by about Rs 4.63 a litre while the price of diesel rose by Rs 4.84 paise per litre in the national capital.

Citizens in Mumbai have to shell out Rs 97.34 for a litre of petrol after a 34 paise increase over Tuesday’s rate. A litre of diesel costs Rs 88.44, 38 paise higher than yesterday’s price of Rs 88.06 a litre. In Chennai, the retail price of petrol price was hiked by 31 paise to Rs 92.90 a litre, from Rs 92.59 recorded on Tuesday. Diesel costs Rs 86.31 a litre, 33 paise more than Tuesday’s price.

However, in Kolkata, petrol is available at Rs 91.12 a litre, down 66 paise compared with yesterday’s price of Rs 91.78 a litre, and a litre of diesel will cost Rs 84.20, 36 paise less than yesterday’s rate. On Sunday, poll-bound West Bengal reduced VAT (value-added tax) by Re 1 on petrol and diesel.

On Sunday, Oil minister Dharmendra Pradhan said there were two main reasons behind the fuel price hike. The international market has cut fuel production and manufacturing countries were producing less fuel to gain more profit. This is making the consumer countries suffer. India had urged the OPEC (Organisation of the Petroleum Exporting Countries) and OPEC plus countries to not go for an output cut as that is impacting the fuel price in India.

Last week, Union Finance Minister Nirmala Sitharaman said the soaring fuel prices is a vexatious issue for which there is no answer except for reducing it, adding that the Centre and states need to talk to bring down the fuel prices ‘at a reasonable level for consumers.’

The pump prices of petrol and diesel prices are revised on a daily basis as per benchmark international price and foreign exchange rates. Plus, central and state taxes make up for over 61 per cent of pump petrol price while they constitute more than 56 per cent of diesel rates.

On Tuesday, in the global oil market, Brent crude prices jumped sharply by over $1 because the US production slow to restart. Benchmark Brent Crude oil futures were trading at $65.30 per barrel, up $1.06, or 1.6 per cent, from their last close. West Texas Intermediate (WTI) crude futures soared by 81 cents or 1.4 per cent, to $62.51per barrel.

Here’s what you pay for a litre of petrol and diesel in your city after the latest hike on February 23.