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Fuel rates hiked for 14th day in a row, petrol selling at Rs 80.55, diesel at Rs 73.55 in Mysuru per litre

Mysuru June 20:-The state-run oil marketing companies (OMCs) have increased the prices of fuel for the 14th consecutive day.

With the increase of Rs 0.51 and Rs 0.61 on June 19, the petrol and diesel prices in Mysuru are selling at Rs 80.55 and Rs  73.55 respectively per litre.

In Bengaluru, Petrol and diesel trending at Rs 81.44, diesel at Rs 73.88 per litre respectively.

Petrol and diesel will now cost Rs 78.88/litre and Rs 77.67/litre respectively in Delhi.

The price of petrol has been increased by Rs 0.51 per litre while that of diesel by Rs 0.61 a litre. Petrol and diesel prices have increased by Rs 5.88/litre and Rs 6.50/litre respectively since June 9 in the national capital.

Oil marketing companies have been adjusting retail rates in line with costs after an 82-day break from rate revision amidst the COVID-19 pandemic. These firms on June 7 restarted revising prices in line with costs.

As on June 2017, Petrol prices in India are revised daily, and this is called the dynamic fuel price method. Petrol and diesel rates are revised at 06:00 am every day. Before this prices were revised every fortnight. Various factors impact the price of fuel. These include rupee to US dollar exchange rate, cost of crude oil, global cues, demand for fuel, and so on. When international crude oil prices gain, prices in India move higher. Price of fuel includes excise duty, value added tax (VAT), and dealer commission. VAT varies from state to state. After adding excise duty, dealer commission and VAT, the retail selling price of the petrol gets nearly doubled.

-(NAV, Inputs: Agencies)

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