Petrol and diesel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. (Representative image: Pixabay)
Prices of petrol were increased again by 31 to 39 paise on July 5, taking the rates across the country to a historic high, but there was no change in diesel rates, according to a price notification of state-owned fuel retailers.
The increase, 35th in two months, took the petrol price in Delhi inches closer to Rs 100 per litre mark on the day. In the national capital, petrol now comes for Rs 99.90 a litre and diesel is priced at Rs 89.40 per litre, according to Bharat Petroleum.
Delhi is one of the two metro cities that have not seen the Rs 100 mark yet. The other one is Kolkata, where the July 5 hike took the price of petrol to Rs 99.88 per litre with an increase of 39 paise from the previous day price of Rs 99.49 per litre. Diesel price remained stable at 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.
Petrol has crossed Rs 100 a litre mark in metro cities of Mumbai, Chennai, Bengaluru, Hyderabad and Pune.
In Mumbai, petrol price hit an all-time high of Rs 105. 95 a litre, with an increase of 33 paise from the previous day price of Rs 105.62 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 price unchanged and retailed at Rs 96.95 per litre in the financial capital.
Chennai also saw an increase in petrol prices by 31 paise. With latest revision, the price of petrol increased to Rs 100.78 per litre, while that of diesel remained the same at 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. Sikkim joined that list on July 4.
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. And on July 4, Rewa, Shahdol and Balaghat in Madhya Pradesh saw those levels.
The hike on the day was the 33rd increase in price of diesel since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they 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)