Petrol Prices Surpass Rs. 100/Litre Mark For The Second Time This Year

The state-owned oil marketing companies on Friday had increased fuel prices for the fourth consecutive day across India. With the latest hike, price prices have shot up to Rs. 102/litre mark in parts of Rajasthan and Madhya Pradesh. Petrol prices in other Indian cities were also in the sight of hitting a century. Diesel too reached an all-time high after seeing a fourth consecutive price hike on Friday. However, fuel prices across the country remained stable today, retailing at Rs. 91.27 per litre and Rs. 81.73 per litre for petrol and diesel, respectively in Delhi.

Also Read: 'The Fuel Delivery' Begins Operations In Mumbai Amidst COVID-19 Crisis​

In the last four days, petrol and diesel prices rose by 88 paise per litre & Rs 1 per litre, respectively

This is the second instance that the petrol rate has crossed Rs. 100 per litre mark this year. Petrol price had crossed the Rs 100 per litre mark for the first time on February 17, 2021, in the Sri Ganganagar district of Rajasthan, which has the highest Value Added Tax (VAT) in the country. On Friday, petrol retailed at Rs. 102.15 a litre in Rajasthan's Sri Ganganagar, Rs. 101.86 a litre in Madhya Pradesh's Anuppur and Rs. 99.95 a litre in Parbhani, Maharashtra. Moreover, petrol price is at an all-time high in Delhi and Mumbai, retailing at Rs. 91.27 per litre and Rs. 97.61 per litre, respectively. In the last four days, petrol has seen a price of 88 paise per litre while diesel witnessed a hike of Rs. 1 per litre.

Petrol and diesel rates are on the rise as state-run fuel retailers have started passing on the increase in crude prices since April 27. Crude prices are hovering just below $70/barrel, boosted by demand from the US and China. Moreover, central and state taxes are affecting the pockets of the consumers as taxes account for 60 per cent of the retail price of petrol and 54 per cent of diesel price.

On Friday, petrol retailed for Rs 102.15 per litre in Rajasthan's Sri Ganganagar

Also Read: Fuel Demand Down By 7% In April 2021: Report​

The Centre levies an excise duty of Rs. 32.90 per litre and Rs. 31.80 on petrol and diesel, respectively. In 2020, the Indian government increased excise duty on petrol and diesel (cumulatively) by Rs. 13 per litre and Rs. 16 per litre, respectively on March 16 and May 5 after crude prices collapsed due to the COVID-19 pandemic.

Source