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Fuel prices hiked for 4th day, petrol crosses ₹102/lt
On Friday, petrol price was hiked by a steep 29 paise per litre and diesel by 31 paise a litre, according to a price notification by state-owned fuel retailers.
Petrol price on Friday scaled to ₹102 per litre in some parts of Rajasthan and Madhya Pradesh after rates were raised for the fourth straight day after ending of more than two-week-long hiatus during assembly elections in states like West Bengal.
On Friday, petrol price was hiked by a steep 29 paise per litre and diesel by 31 paise a litre, according to a price notification by state-owned fuel retailers.
This took the price of petrol in Delhi to ₹91.27 per litre and that of diesel to ₹81.73. In Sri Ganganagar district of Rajasthan, petrol touched ₹102.15 a litre, prices from oil companies showed.
In Anuppur of Madhya Pradesh, petrol now costs ₹101.86 while it is priced at ₹99.95 a litre in Parbhani, Maharashtra.
This is the second time this year that rates in some parts have crossed the ₹100 mark—they had breached the physiological mark for the first time in mid-February.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh. Friday was the fourth straight day when prices of petrol and diesel were hiked since state-owned fuel retailers ended an 18-day hiatus in rate revision during assembly elections.
In four days, petrol price has increased by 88 paise per litre and diesel by ₹1—neutralising all of the reduction that came between March 24 and April 15.
After raising petrol price by a record ₹21.58 per litre and diesel by ₹19.18 since the government raised excise duty to an all-time high in March last year, state-owned fuel retailers—IOC, BPCL and HPCL—had reduced petrol price by 67 paise a litre and diesel by 74 paise per litre effected between March 24 and April 15.
Oil companies, who have 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 in five states including West Bengal.
No sooner had voting ended, oil companies indicated an impending increase in retail prices in view of firming trends in international oil markets.
They said prices have been on a continuous uptrend since April 27. Crude oil price is hovering near $70 per barrel mark.
