Petrol and diesel prices on Monday hit record highs across the country after their rates were revised for the fifth time in seven days, reported PTI. With this increase, Maharashtra joined Rajasthan and Madhya Pradesh among the list of states where petrol rates have crossed the Rs 100 per litre mark.
The price of petrol in Maharashtra’s Parbhani district is Rs 100.20. It is priced at 102.42 per litre in Rajasthan’s Sri Ganganagar district and Rs 102.12 in Anuppur district in Madhya Pradesh.
The prices of fuel differ from state to state as the incidence of local taxes such as Value-added tax, or VAT, and freight charges vary. Rajasthan levies the highest value-added tax on petrol in the country, followed by Madhya Pradesh.
Petrol price was increased by 26 paise a litre and diesel by 33 paise per litre, according to a price notification by state-owned fuel retailers.
In Delhi, petrol cost Rs 91.53 and diesel Rs 82.06 on Monday, reported NDTV. Petrol was priced at Rs 97.86 in Mumbai, while diesel cost Rs 89.17. In Chennai, the price of petrol was Rs 93.38 and that of diesel was Rs 86.96. Petrol was priced at Rs 91.66 in Kolkata and Diesel at Rs 84.90.
This was the fifth increase in prices since May 4. Notably, the revision on May 4 was the first increase in 66 days since February 27, a day after the Election Commission announced polls in four states and one Union Territory. However, prices were reduced after that.
Following the five increases in fuel prices, the cost of petrol has risen by Rs 1.14 per litre and diesel by Rs 1.33 doing with the reduction in prices between March 24 and April 15. State-owned fuel retailers had cut off the petrol price by 67 paise a litre and diesel by 74 paise per litre between the time period.
The state-run oil marketing companies, including Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum, align the rates of domestic fuel with the global crude oil prices, taking into account changes in the foreign exchange rates. The new changes in fuel prices are implemented with effect from 6 am every day.
As soon as the elections were over, oil companies indicated that there was an impending increase in retail prices in view of firming trends in international oil markets, according to the news agency. The companies said that fuel prices have been on a continuous uptrend since April 27 and crude oil price was near the $70-per-barrel mark (or over Rs 5,00).