Bhubaneswar: Petrol and diesel prices have increased from Sunday.

While the price of petrol has increased from Rs 71.69 to Rs 72.32, the diesel price has increased from Rs67.70 to Rs 68.31. The prices of petrol and diesel has increased by 63 paise and 61 paise respectively.

The price hike came following the Oil Marketing Companies (OMC) increased their margins.

With this the OMCs, which were restrained from market regulated prices ever since the Coronavirus lockdown announced in March 2020, have started charging market prices price.

Earlier on May 6, amidst the Covid-19 pandemic, the Centre had levied an additional excise duty and road cess of Rs 10 on petrol and Rs13 on diesel. As the hike took the cushion of the international price slump, there was no increase in retail prices of the fuel. However, the Odisha government then increased the VAT on petrol to 324% from 26% and on diesel to 28% from 26% thus increasing the petrol price from Rs 68.58 to Rs 71. 69 and diesel Rs 66.70 to Rs 67.73.

The break up of current pricing for petrol – basic price Rs19.39+ Excise Duty Rs 32.19+ VAT (32%) Rs16.76 + Dealer Commission Rs 3.19 Total Rs 72.32. For diesel: Basic price Rs 19.85 + Excise Duty Rs 31.83 + VAT ( 28%) Rs 14.47+ Dealer Commission Rs.2.16 Total Rs68.31.