Domestic fuel rates on the Republic Day recorded the steepest single-day hike of 35 paise across the country. As per the notification from Indian Oil Corporation, the two auto fuels now have reached a new all-time high of ₹ 86.05 per litre and ₹ 76.23 per litre in the national capital. The fuel prices differ from state to state, which depends on the value-added tax (VAT) levied by the state government. State-run oil companies have revised fuel rates on nine instances this month witnessing a cumulative hike of ₹ 2.34 per litre and ₹ 2.36 per litre in petrol and diesel respectively.
Other metro cities too have seen an increase in fuel rates. In Mumbai, petrol and diesel touched ₹ 92.62 per litre and ₹ 83.03 per litre, respectively. In Kolkata, customers will now have to pay ₹ 87.45 for one litre of petrol and ₹ 79.83 for a litre of diesel. On the other hand, petrol and diesel now retail at ₹ 88.95 per litre and ₹ 80.84 per litre respectively in Bengaluru. Petrol price in Chennai has been increased to ₹ 88.60 per litre, which cost of diesel has hiked to 81.47 rupees per litre.
The oil marketing companies such as Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum revise domestic fuel prices on daily with global benchmarks by taking into account alterations in the foreign exchange rates accordingly. Changes in fuel prices are implemented at 6 am every day.