Fuel prices at fresh record high; Petrol breaches Rs 100/litre mark in Hyderabad
15/06/2021
NEW DELHI, jun 14: After staying unchanged for a day, prices of petrol and diesel were hiked again on Monday, June 14, 2021, touching fresh record highs across the country. In the national capital, the petrol price rose by 29 paise while that of diesel too inched up 30 paise.
Following the latest price revision, petrol in Delhi is now retailing at Rs 96.41 a litre while diesel is selling at Rs 87.28. In the financial capital Mumbai, petrol price now stands at Rs 102.58 while diesel costs Rs 94.70, data available on Indian Oil Corporation’s website showed. This was the eighth price rise in the auto fuel prices so far in the month of June that follows 16 hikes in May. Prices have been on the rise since the past month (May 4) after oil marketing companies (OMCs) resumed their price revisions ending an 18-day hiatus that coincided with the assembly elections in key states.
Following these hikes since May 4, the price of petrol has crossed the Rs 100-per-litre mark in seven states and union territories including Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Ladakh and Karnataka. Last month, Bhopal became the first state capital to have petrol hit the three-figure mark followed by Jaipur and Mumbai. Today, Hyderabad joined this list with petrol hitting Rs 100.20 a litre. Bengaluru too is inching towards this psychological landmark where petrol is retailing at Rs 99.63. Petrol and diesel rates are at the highest in the country in Sri Ganganagar district of Rajasthan where petrol comes for Rs 107.53 a litre. Diesel here touched the three-figure mark on Saturday and currently is retailing at Rs 100.37 per litre, the Indian Oil data showed. In Madhya Pradesh’s Anuppur district, petrol today is priced at Rs 107.17 a litre and diesel at Rs 98.29.
In India, the fuel prices differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels.
The central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. Centre levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 a litre on diesel.
OMCs revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates. In the international market, crude oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs, news agency Reuters reported earlier in the day.
Brent crude was up 14 cents (0.2 per cent) at $72.83 by 0123 GMT. It rose 1.1 per cent last week and hit the highest since May 2019 of $73.09 on Friday. US West Texas Intermediate was also up 14 cents (0.2 per cent) at $71.05 a barrel, after reaching the highest since October 2018 at $71.24 on Friday and rising 1.9 per cent on the week, the report said.
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