Petrol and diesel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. (Representative image)
Prices of petrol were hiked again by 29 to 39 paise while diesel got a hike of 17 to 23 paise on July 4, taking fuel prices across the country to a historic high, according to a price notification by state-owned fuel retailers.
The increase, 35th in two months, took the petrol price in Delhi inches closer to Rs 100 per litre mark while diesel is hovering above Rs 89 per litre mark on the day. A litre of petrol and diesel now cost Rs 99.55 and Rs 89.40, respectively, in the national capital.
Delhi is one of the two metro cities which haven't seen the Rs 100 mark yet. The other one is Kolkata, where the July 4 hike took the price of petrol to Rs 99.49 per litre with an increase of 39 paise from the previous day price of Rs 99.10 per litre. Diesel price also increased by 23 paise and reached Rs 92.31 per litre in the city.
To protests against the rising prices of petrol and diesel, fuel retailers in Kolkata will shut operations for 30 minutes on July 7, a trade body official has said. The sharp spike in the prices has also led to a massive drop in the sale of fuel in the state, West Bengal Petroleum Dealers' Association joint secretary Prasenjit Sen has said.
Other metro cities - Mumbai, Bengaluru, Hyderabad and Pune - had crossed the Rs 100-a-litre price in June.
In Mumbai, petrol price hit an all-time high of Rs 105.62 a litre, with an increase of 32 paise from the previous day price of Rs 105.30 per litre. The city, on May 29, became the first metro in the country where petrol was being sold at over the Rs 100-a-litre mark.
Diesel also increased by 18 paise to retail at Rs 96.95 per litre in the financial capital, up from Rs 96.77 per litre.
Chennai also saw an increase in fuel prices with petrol and diesel rises by 29 paise and 17 paise, respectively. The price of petrol was Rs 100.47 per litre and that of diesel was Rs 93.94 per litre in Tamil Nadu’s capital.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest VAT on petrol and diesel in the country, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana.
With this, petrol has crossed the Rs 100-a-litre mark in Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, Odisha, Tamil Nadu, Kerala, Bihar, Punjab and Ladakh. It is over Rs 99 a litre in Puducherry as well as Gangtok.
Rates of diesel, the most used fuel in the country, have crossed the Rs 100-a-litre mark in Sri Ganganagar and Hanumangarh in Rajasthan as well in some places in Odisha.
The hike on July 3 is the 34th increase in prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision observed during assembly elections in states like West Bengal.
Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates.
International oil prices have climbed in recent weeks on optimism of a quick recovery in fuel demand.(With inputs from PTI)