Petrol prices breach ₹100/litre-mark in Pune following 16th rate hike in May
From Monday, Petrol will cost ₹100.15/ litre in Pune, in the first instance of the auto fuel crossing ₹100-mark in the city. The price of petrol has shot past Rs-100/litre mark in many cities of Maharashtra including Mumbai in the past week.
On Sunday, petrol’s price in Pune was hiked by ₹0.28/litre and diesel prices were raised by ₹0.27/litre to reach ₹90.71/ litre. This was the 16th hike in fuel prices in the month of May. The price of per litre of power petrol has reached ₹103.83 in the city, said Ali Daruwala, spokesperson of All India Petrol Dealers’ Association.
The current rally in fuel prices began after a two month break from May 4th following the announcement of results for assembly elections in 4 states and one union territory on May 3. Petrol in Pune was then priced at ₹96.62 per litre and diesel at ₹86.32 per litre. The price of petrol and diesel has since risen by ₹3.83/litre and ₹4.42/litre respectively across the country.
Petrol is now selling for more than ₹100/litre in several cities of Maharashtra, Rajasthan, Andhra Pradesh and Madhya Pradesh.
Surging international oil rates and exorbitant domestic tax structure are two key reasons for high rates of petrol and diesel in pumps.
Benchmark Brent crude rose marginally by 0.55% to $69.10 a barrel on Monday morning. Indian fuel retailers align pump prices of petrol and diesel with their international benchmark rates of the previous day. Even as international oil prices saw volatility in May, pump rates of auto fuels in India moved only in the upward direction.
According to executives working in state-run oil marketing companies, pump prices are also high because companies were recovering their past revenue losses like the one suffered for 66 days since February 27 when rates were not raised because of assembly elections in four states and one Union territory.