CHENNAI: The price of petrol and diesel in the city on Thursday (May 21) remain the same as of yesterday.
Petrol and diesel prices were hiked by about 90 paise per litre on Tuesday, marking the second increase in fuel rates in less than a week after state-run oil firms ended a nearly four-year freeze on revisions.
Accordingly, one litre of petrol costs Rs 104.57 and a litre of diesel costs Rs 96.21 in the city on Thursday.
On Friday (May 15), petrol and diesel prices were raised by Rs 3 per litre on Friday for the first time in more than four years, as surging global crude prices following the Iran war forced state-run fuel retailers to pass on part of their mounting losses after months of holding rates steady through key state elections.
Oil companies use the current crude oil price on the global market and the value of the Indian rupee as compared to the US dollar as primary variables to determine the pricing of petrol and diesel on a day to day basis.
Any volatility in global oil markets or currency fluctuations can directly impact domestic fuel rates. In addition, refining costs, freight charges, and dealer commissions also play a role in determining the final retail price.
Variations in fuel prices are commonly seen across different cities and states due to differences in local taxes, including Value Added Tax (VAT) imposed by respective state governments.
Consumers are advised to keep track of daily revisions, as geopolitical developments, supply constraints, and changes in global demand can influence crude oil prices and lead to future adjustments in domestic fuel rates.