Petrol and diesel prices go up for the sixth time in May, crosses ₹100-mark in Maharashtra, MP and Rajasthan

Petrol and diesel prices go up for the sixth time in May, crosses ₹100-mark in Maharashtra, MP and Rajasthan
BCCL
Petrol and diesel prices on Tuesday were hiked for the sixth time this month, propelling prices to cross the ₹100-a-litre-mark in places from Nanded in Maharashtra to Rewa in Madhya Pradesh to Jaisalmer in Rajasthan. Petrol price was hiked by 27 paise a litre and diesel by 30 paise per litre, according to a price notification by state-owned fuel retailers.

The increase took petrol and diesel prices to their highest-ever level across the country. In Delhi, petrol now comes for ₹91.80 per litre and diesel is priced at ₹82.36.
TOP VIDEOS FOR YOU

This was the sixth increase in prices since May 4, when the state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.

Advertisement
The price increase led to petrol rates crossing the ₹100-mark in more places of Rajasthan, Madhya Pradesh and Maharashtra.

Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh.

Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at ₹102.70 per litre and ₹95.06 a litre respectively. Also in Rajasthan, petrol crossed the ₹100-mark in Jaisalmer (₹100.71) and Bikaner (₹100.70) while it neared that mark in Barmer (₹99.82).

Advertisement

Petrol in several districts of Madhya Pradesh, including Shahdol (₹102.06), Rewa (₹102.04), Chhindwara (₹101.67) and Balaghat (₹101.98) crossed the physiological mark. It neared that mark in Indore (₹99.90 a litre) and Bhopal (₹99.83).

If rates continue to raise, Bhopal will be the first state capital to see petrol at ₹100.

In Nanded district of Maharashtra, petrol was being sold at ₹100.30.

Advertisement
In six increases, petrol price has risen by ₹1.41 per litre and diesel by ₹1.63.

After raising petrol price by a record ₹21.58 per litre and diesel by ₹19.18 since the government raised excise duty to an all-time high in March last year, state-owned fuel retailers, IOC, BPCL and HPCL had reduced petrol price by 67 paise a litre and diesel by 74 paise per litre effected between March 24 and April 15.

Oil companies, who have in recent months resorted to unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on April 15. This coincided with electioneering hitting peak to elect new governments in five states including West Bengal.

Advertisement
No sooner had voting ended, oil companies indicated an impending increase in retail prices in view of firming trends in international oil markets.

They said prices have been on a continuous uptrend since April 27.

Central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. The union government levies ₹32.90 per litre of excise duty on petrol and ₹31.80 on diesel.

Advertisement
In Mumbai, the petrol price was hiked to ₹98.12 a litre on Tuesday from ₹97.86, while diesel rates were increased to ₹89.48 from ₹89.17, the price notification showed.


SEE ALSO:
It took one pivot and five years for this EV startup founder to hit the sweet spot for business in India
Clubhouse for Android finally launched as downloads and hype take a plunge
Bandhan Bank falls 4% after reporting an 80% fall in its net profit – positive market trends help it bounce back into the green
{{}}