Petrol, Diesel Prices Today 12 February 2021: Fuel Prices See Sharp Rise; Check Rates in Mumbai, Delhi, Chennai & Kolkata

Petrol, Diesel Prices Today, February 12, 2021: Fuel prices were hiked by oil marketing companies for the fourth consecutive day in a row today. While petrol price rose by 26-29 paise a litre, diesel price increased by 34-38 paise a litre in various cities in the country. Rates vary from state to state depending on the local incidence of taxation (VAT) and freight. Take a look at diesel and petrol rates in four metro cities on February 11, 2021 below. Also Read – Petrol And Diesel Prices Unchanged For 2nd Consecutive Day | Check Rates in Metro Cities

Oil Minister Dharmendra Pradhan on Wednesday had told Parliament that the government is not considering a reduction in excise duty to cool rates from their record highs. Also Read – Petrol, Diesel Price Today: Why Fuel Won’t Cost More Despite New Agri Cess

Rates have risen as international oil prices touched USD 61 per barrel for the first time in more than a year on improving demand outlook amid the global rollout of COVID-19 vaccines, he had said. Also Read – Petrol, Diesel Prices Register Another Record High | Check Fuel Prices in Major Cities Today

Central and state taxes make up for over 61 per cent of the retail selling price of petrol and about 56 per cent of diesel.

Retail petrol rates have risen by Rs 18.26 per litre since mid-March 2020 after the government raised taxes by a record margin to mop up gains arising from fall in international oil prices. Diesel rates have gone up by Rs 15.74.

(With agency inputs)