Petrol price on Sunday crossed Rs 95 a litre in Delhi and diesel breached Rs 86 per litre mark for the first time ever as fuel prices were hiked again.
Petrol price was once increased by 21 paise per litre and diesel 20 paise a litre, according to a cost notification of state-owned fuel retailers.
The hike – 20th since May 4 – took fuel prices across the country to a historic high. Petrol is now above Rs 100 per litre mark in six states and union territories – Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana and Ladakh.
In Delhi, petrol hit an all-time high of Rs 95.09 a litre, while diesel is now priced at Rs 86.01 per litre.
Fuel prices vary from state to state depending on the incidence of native taxes such as VAT and freight charges.
Retail prices have risen after an increase in international oil prices on investors’ optimism that making improvements to demand and a dwindling provide glut may intent the market can absorb any extra production from OPEC and its allies.
Brent crude, the global oil-price benchmark, is nearing USD 72 per barrel for the first time in two years.
Rajasthan levies the highest VAT on petrol and diesel in the country, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana.
Mumbai on May 29 became the first metro in the country where petrol was once being sold at over Rs 100-a-litre mark. Petrol now costs Rs 101.3 per litre in the city and diesel comes for Rs 93.35.
The increase on Sunday is the 20th increase in prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed all over meeting elections in states like West Bengal.
In 20 increases, petrol price has risen by Rs 4.69 per litre and diesel by Rs 5.28 a litre.
Oil companies revise rates of petrol and diesel day by day based on the average price of benchmark fuel in the international market in the previous 15 days, and foreign exchange rates.
(Only the headline and picture of this outline may have been reworked by the Commerce Standard staff; the remainder of the satisfied is auto-generated from a syndicated feed.)
Commerce Standard has at all times strived tough to supply up-to-date information and statement on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and fixed feedback on how to make stronger our offering have only made our get to the bottom of and commitment to these ideals stronger. Even all over these difficult times arising out of Covid-19, we continue to remain dedicated to keeping you informed and up to date with credible news, authoritative views and incisive statement on topical issues of relevance.
We, on the other hand, have a request.
As we battle the economic have an effect on of the pandemic, we need your enhance even more, in order that we will be able to continue to provide you with more quality satisfied. Our subscription mannequin has seen an encouraging response from many of you, who have subscribed to our online satisfied. More subscription to our online satisfied can only help us achieve the goals of offering you even better and more applicable satisfied. We imagine in free, reasonable and credible journalism. Your enhance through more subscriptions can help us practise the journalism to which we are dedicated.
Improve quality journalism and subscribe to Commerce Standard.