Petrol and diesel prices were increased across the country on Wednesday for the third consecutive day this week, as fuel prices touched new highs, The Indian Express reported.
In national Capital Delhi, prices of both the fuel products rose by 25 paise per litre, while diesel rates went up by up to 27 paise in other parts of the country. In Delhi, petrol now costs Rs 92.05 a litre, while diesel is priced at Rs 82.61.
The revision of prices on Wednesday by oil marketing companies was the seventh hike this month. The prices were raised for four consecutive days last week, which had offset all reductions effected between March 24 and April 15. The prices remained stagnant over the weekend, before being raised again since Monday. So far this month, petrol price has increased by Rs 1.65 per litre and diesel has climbed by Rs 1.88 in New Delhi, The Indian Express reported.
On May 4, the prices were increased for the first time in 66 days since February 27, a day after the Election Commission announced polls in four states and one Union Territory. Since then, prices were reduced on multiple occasions in March and April. However, the upward trend began just two days after election results were announced on May 2.
Maharashtra Water Resources Minister Jayant Patil on Wednesday hit out at the Centre over the increase in fuel prices. “The Union finance ministry is making financial plans of a different class,” he tweeted. “The rates of petrol and diesel are controlled when polls are around and price rise is certain once the polls are over. @nsitharaman should throw light on what planning it is,” Patil tweeted.
Petrol prices, which had already crossed the Rs 100 per litre-mark in February in some cities of Rajasthan and Madhya Pradesh, have now breached the figure in other parts too, including in Maharashtra.
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.
In the global market, Brent crude futures rose 0.3%, while US West Texas Intermediate crude futures rose 0.6% on Tuesday, Reuters reported. The prices rose because of lingering fears of shortages due to an outage at the largest US fuel pipeline system after a cyber attack.