The price of petrol and diesel in some of the big cities in India

• Petrol and diesel prices rose for the 22nd time on Monday in the past 23 days
  
• Since the daily price revision resumed on June 7, the petrol price has increased ₹9.17 and diesel rose by ₹11.14 in the national capital.
  
• However, the price varies from one state to another as fuel doesn’t come under the goods and services tax (GST) and states impose their own taxes.
  
• Check out the latest news and updates on Business Insider.

Petrol and diesel prices rose for the 22nd time on Monday in the past 23 days with oil marketing companies. The latest rise in the pump price of petrol was 5 paisa and diesel by 13 paisa per litre in the national capital Delhi. Since the daily price revision resumed on June 7, the petrol price has increased ₹9.17 and diesel rose by ₹11.14 in the national capital. In other cities, the magnitude of increase was similar.

However, the price varies from one state to another as fuel doesn’t come under the goods and services tax (GST) and each state levies value added tax (VAT) as per its need, resulting in the sharp price difference.

Here’s how the petrol and diesel prices look like in some of the major metropolitan cities

*as of June 29

During the past 23 days, the quantum of price hike gradually declined from around 60 paise raise for a few days, immediately post the resumption of daily price revision, to less than 20 paise during the past few days and now even less than 10 paisa per litre.

In a historic development, the price of diesel surged above that of petrol in the national capital during this period. It continues to remain higher even though on Saturday the quantum of the petrol price hike was higher than that of diesel.

Officials in oil marketing companies said that it is hard to predict which of the two fuels will be priced higher in the capital as the gap between the two is almost negligible. But petrol prices have shown more volatility in international markets that may take it ahead once again in the coming days.

Globally diesel is priced a tad higher than petrol. In India too, the base price of diesel is slightly higher than petrol, but taxation at central and state levels changed the complexion of retail prices.

If the price of petroleum products and crude hold their positions in global markets, then petrol and diesel prices may stop for a longer period, and we may even see a marginal fall in prices. Fuel prices have been increasing since June 7 when oil companies began the daily price revision mechanism after a hiatus of 82 days during the lockdown.

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