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Petrol, diesel prices up 25 paise per litre

PTI New Delhi | Updated on May 12, 2021

Bhopal, Indore join cities where petrol price is ₹100/litre

Petrol and diesel prices on Wednesday were hiked by 25 paise per litre each, the third increase this week, propelling petrol price to cross ₹ 100 per litre mark in more cities, including Bhopal and Indore.

Petrol and diesel prices are now at record high across the country, price notification of State-owned fuel retailers showed.

In Delhi, petrol now comes for ₹ 92.05 per litre and diesel is priced at ₹ 82.61.

 

This was the third increase in prices this week and seventh hike since May 4 when the State-owned oil firms ended an 18-hiatus in rate revision they observed during assembly elections in States like West Bengal.

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

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

Bhopal on Wednesday earned the distinction of being the first State capital in the country to see petrol crosses ₹100 mark. Petrol in the city now costs ₹100.08 a litre.

Indore had petrol priced at ₹ 100.16 per litre.

Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at ₹ 102.96 per litre and ₹ 95.33 a litre, respectively.

In seven increases, petrol price has risen by ₹ 1.66 per litre and diesel by ₹1.88.

Since March last year, when the government raised excise duty on fuel to an all-time high, petrol price has increased by a record ₹ 22.46 per litre (after accounting for a handful of occasions when rates fell) and diesel by ₹ 20.32.

Oil companies, that 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.

Soon after the voting ended, oil companies had indicated an impending increase in retail prices in view of firming trend 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.

In Mumbai, the petrol price was hiked to ₹ 98.36 a litre on Wednesday from ₹98.12, while diesel rates were increased to ₹89.75 from ₹89.48, the price notification showed.

Published on May 12, 2021

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