Petrol price crosses Rs 90-mark in Delhi, diesel retails at Rs 80.60
Petrol touched Rs 90.19 a litre and diesel Rs 80.60 per litre in Delhi on Friday after fuel prices were increased for the 11th consecutive day.
Today's rates reflect a 31 paise jump for petrol and 33 paise for diesel over yesterday's prices.
Petrol and diesel prices undergo daily revisions under dynamic pricing mechanism in place since 2017. Before that OMCs used to revise prices fortnightly.
Petrol and diesel prices differ from state to state depending on the prevailing VAT that is levied by states. Apart from VAT, the Centre levies excise duty on petrol and diesel.
Union Finance Minister Nirmala Sitharaman, in her Budget speech, had announced the imposition of Agriculture Infrastructure and Development Cess (AIDC) amounting to Rs 2.5 per litre on petrol and Rs 4 per litre on diesel.
The Economic Times 19-02-2021