- Petrol has reached an all-time high of ₹84.20 in Delhi after a hike of 23 paise.
- Over 62% of petrol’s price includes taxes such as Excise and VAT, which is charged by the government.
- Rising crude oil prices in the international market have contributed to the increase in petrol prices.
- The price of diesel has been hiked by 26 paise and is now available for ₹74.38.
Out of the total price, over 60% of the price is made up of taxes such as VAT and Excise. As per the price breakup shared by IOCL on January 1, we have calculated the price buildup for petrol on January 7.
The global oil prices have increased over the past few days as Saudi Arabia has announced a voluntary output cut of 1 million barrels per day. The Brent crude prices on Wednesday increased by 8 cents and are currently at $54.38 per barrel.
Source: IOCL
After the hike of 23 paise today, petrol is now retailing at ₹84.20 in Delhi. Diesel has received a hike of 26 paise and is retailing for ₹74.38, nearing its all-time high.
Prior to today’s prices, the previous all-time high of ₹84 was recorded in Delhi on October 4, 2018, and diesel also reported its all-time high of ₹75.45 on the same day.
On Wednesday, the fuel retailers hiked the fuel prices after a month-long hiatus amid rising international prices.
The petrol prices in India change depending upon the taxes, dollar exchange rate and global oil prices.
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