Increase in the price of petrol.
Petrol and diesel prices were raised on Tuesday after an 18-day break as oil marketing firms decided to raise prices.
The price of petrol in India is updated on a regular basis. Every day at 6:00 a.m., prices are updated. This ensures that even minute changes in global oil prices are communicated to fuel consumers and dealers.
Petrol and diesel prices have risen to Rs 96.95 and Rs 87.98 per litre, respectively. Excise duty, value-added tax (VAT), and distributor commission are all included in the price of petrol. The value-added tax (VAT) varies by jurisdiction.
The retail sale price of gasoline nearly doubles when excise tax, distributor commission, and VAT are factored in. Fuel prices are constrained by different reasons.
On April 15, the price of petrol was reduced by 16 paise per litre and the price of diesel was reduced by 14 paise per litre, marking the fourth minor rate reduction in three weeks after six months of price increases.
In the last year, petrol prices have risen by a record Rs 21.58 per litre, while diesel prices have risen by Rs 19.18 per litre.
Crude Oil has now reached $ 66 per barrel in the international market, marking the first increase of the month.
According to preliminary data, the second wave of coronavirus that has swept the country suppressed fuel sales in April as local restrictions imposed to prevent the spread of infection inhibited demand.