Petrol price hiked by 25 paise, diesel by 30 paise
Petrol price on Thursday was hiked by 25 paise per liter and diesel by 30 paise as oil companies raised rates for the third straight day to pass on the increase in international oil prices. Petrol price in Delhi was increased to Rs. 90.99 per liter from Rs. 90.74 while diesel rates went up to Rs. 81.42 a liter from Rs. 81.12.
Today's hike is the highest in the last three days
Rates have been increased across the country and vary from state to state depending on the local incidence of taxation (VAT). It is the steepest increase since the daily price revision started. This is the third straight day of increase in petrol and diesel prices since state-owned fuel retailers ended an 18-day hiatus in rate revision during assembly elections in states like West Bengal.
Fuel prices had come down earlier this year
In three days, petrol price has increased by 59 paise per liter and diesel by 69 paise. After raising petrol price by a record Rs. 21.58 per liter and diesel by Rs. 19.18 in March last year, state-owned fuel retailers, IOC, BPCL and HPCL had reduced petrol price by 67 paise a liter and diesel by 74 paise between March 24 and April 15.
Crude oil prices are near the $70 per barrel mark
The pause in increase in fuel prices coincided with electioneering hitting a peak to elect new governments 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. Crude oil prices are near the $70 per barrel mark in the international market.
Petrol costs Rs. 97.34 a liter in Mumbai
Central and state taxes make up for 60 percent of the retail selling price of petrol and over 54 percent of diesel. The union government levies Rs. 32.90 per liter of excise duty on petrol and Rs. 31.80 on diesel. In Mumbai, the petrol price was hiked to Rs. 97.34 a liter, while diesel rates were increased to Rs. 88.49 from Rs. 88.19.
