Petrol crosses Rs 100 per litre mark for first time in Rajasthan, to cost Rs 89.54 in Delhi, Rs 96 in Mumbai
While branded petrol already costs above Rs 100 in several cities, Wednesday's was the first time regular petrol price crossed the psychological mark of Rs 100 a litre in India
The retail price of regular petrol crossed the three-figure mark for the first time in Rajasthan after fuel prices were hiked for the ninth consecutive day Wednesday.
Petrol and diesel prices were increased by 25 paise per litre each, according to a price notification of state-owned fuel retailers, pushing the price of petrol in Rajasthan beyond the Rs 100 per litre mark.
The new price of petrol in Rajasthan's Sri Gangasagar now stands at Rs 100.12 per litre, The Indian Express reported. Similarly, the price of diesel was increased by 27 paise to Rs 92.13.
While branded or additive-laced petrol, which attracts higher taxes, had crossed the Rs 100-mark in some places in states like Maharashtra, Madhya Pradesh and Rajasthan, this is the first time that regular petrol crossed the physiological mark, PTI reported.
In Delhi, the price of petrol is Rs 89.54, while diesel is selling at Rs 79.95.
Similarly, in Mumbai, the petrol price is Rs 96 per litre, while diesel costs Rs 86.98.
In Kolkata, petrol price has reached Rs 90.78 per litre, while diesel is being sold at Rs 83.54 per litre. In Chennai, the price of petrol has gone up by 16 paise, retailing at Rs 91.68, while Chennai has seen an 18 paise hike in diesel prices, selling at Rs 85.01.
Bengaluru has seen a 26 paise hike in petrol prices, retailing at Rs 92.54 per litre, while diesel is selling at Rs 84.75 per litre.
The increase in fuel prices in India comes amidst Union Minister for Petroleum and Natural Gas Dharmendra Pradhan stating in a reply in Rajya Sabha that the government was not looking towards cutting taxes on petrol and diesel.
According to a report in Business Today, the fuel prices have risen in the country because of three major reasons — global crude, Centre's excise duties and state's Value Added Tax (VAT).
The report added that Wednesday saw a fall in global oil prices as US dollar climbed, retreating after a two-day rally. Brent crude futures fell 40 cents, to $62.95 a barrel.
However, Central and state taxes make up for 60 percent of the retail selling price of petrol and over 54 percent of diesel. The Central Government levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 a litre on diesel.
Retail petrol rates have risen by Rs 19.95 per litre since mid-March 2020 after the government raised taxes by a record margin to mop up gains arising from fall in international oil prices. Diesel rates have gone up by Rs 17.66.
Why fuel prices are high in Rajasthan
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.
Rajasthan levies the highest VAT on petrol in the country. The record price in Rajasthan, however, is despite the state government late last month cutting VAT on petrol and diesel by 2 percent.
The value-added tax (VAT) on petrol, after the cut, at 36 percent plus Rs 1.5 per litre road cess is still the highest in the country. On diesel, the state levies 26 per cent and Rs 1.75 per litre road cess.
With inputs from PTI
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Brent was trading at $94.91 per barrel on Thursday after concerns of a global recession led to it slipping to a six-month low of $91.51 on the previous day. It was a relief to India, which is 85 per cent dependent on imports for meeting its oil needs