Fuel prices were increased again on Tuesday for the thirteenth time in two weeks. Since the revision in fuel prices began on March 22, petrol and diesel rates have increased by Rs 9.20 per litre, reported PTI.
Fuel prices vary in states due to different value-added tax and freight charges.
Petrol now costs Rs 104.61 per litre in the national Capital and diesel Rs 95.87. In Maharashtra, petrol is priced at Rs 119.57, and diesel is at Rs 102.44. In Tamil Nadu, petrol will cost Rs 110.91 per litre, whereas diesel is Rs 101.02 per litre, reported NDTV.
Out of all the states, Telangana residents will have to pay the most for fuel. Petrol is priced at Rs 120.82 per litre, and diesel will cost Rs 106.70 per litre here.
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However, critics point to Central taxes being the major factor.
While fuel prices in India are regulated by oil marketing companies, it has often been observed that the rates remain unchanged during elections and are increased after the results.
For 18 days in March and April last year, the prices of petrol and diesel remained unchanged as four states and a Union Territory went to polls. However, after the results were announced on May 2, the prices rose steadily to hit record levels.
Ahead of the recent Assembly polls in five states this year, fuel rates had been on a freeze since November 4. This was also the period in which the cost of crude oil had surged by nearly $30 per barrel. Oil firms had not revised fuel prices for 137 days despite the substantial increase in global oil prices.
On March 24, Moody’s Investors Services said that the three state-owned fuel retailers – Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd – incurred losses of around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during Assembly polls.