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20th hike in petrol prices in a month; above Rs 100 in six states now

petrol


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 increased by 21 paise per litre and diesel 20 paise a litre, according to a price 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 differ from state to state depending on the incidence of local taxes such as VAT and freight charges.
Retail prices have risen after an increase in international oil prices on investors’ optimism that improving demand and a dwindling supply glut may mean the market can absorb any additional 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 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 during assembly 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 daily based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates.