Petrol breaks Rs. 100 barrier again, this time in Bengaluru
Bengaluru on Friday became the third metro city in the country to see petrol price cross the Rs. 100 per liter mark after fuel prices were raised yet again. Petrol price was hiked by 27 paise per liter and diesel by 28 paise, according to a price notification of state-owned fuel retailers. In Delhi, petrol hit an all-time high of Rs. 96.93 a liter.
Fuel prices differ from state to state
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Therefore, petrol retails at over Rs. 100 per liter in eight states and union territories -- Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, and Ladakh.
Petrol already retailed for Rs. 100 in some state districts
While several districts of Karnataka already had petrol prices over Rs. 100, state capital Bengaluru reached the mark on Friday. Petrol in the city is now priced at Rs. 100.17 per liter and diesel at Rs. 92.97.
Mumbai was the first metro city to touch the mark
Bengaluru is the third metro city to have petrol priced above Rs. 100. Mumbai on May 29 became the first metro in the country where petrol was being sold at over Rs. 100 a liter. Petrol now costs Rs. 103.08 a liter in the city and diesel comes for Rs. 95.14. The fuel touched that mark in Hyderabad earlier this week.
After Leh, petrol prices shot past Rs. 100 in Srinagar
While Leh already had Rs. 100 per liter petrol, Srinagar joined the league on Friday. Petrol at Indian Oil Corp (IOC) pumps in the city costs Rs. 99.99 a liter and that on HPCL outlets at Rs. 100.04. Rates vary by a few paise from company to company in a city.
Sri Ganganagar was first to hit the mark in India
Sri Ganganagar district of Rajasthan near the India-Pakistan border was the first place in the country to see petrol hitting Rs. 100 a liter mark in mid-February and last week it also earned the distinction of diesel crossing that psychological mark. Petrol in the city is sold at Rs. 108.07 a liter, the highest rate in the country, and diesel come for Rs. 100.82.
Rajasthan levies the highest VAT on petrol and diesel
Rajasthan levies the highest VAT on petrol and diesel in the country, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh, and Telangana. The hike on Friday was the 26th increase in prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.
International oil prices have firmed in recent weeks
Oil companies 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. International oil prices have firmed in recent weeks in anticipation of demand recovery following the roll-out of vaccination programs by various countries. Also, the rupee has weakened against the US dollar, making imports costlier.
