Petrol crosses Rs. 100 a liter in Tamil Nadu
What's the story
Petrol prices soared past the Rs. 100-a-liter mark in Tamil Nadu after fuel prices were hiked again on Saturday. Prices were increased by 35 paise per liter each, the steepest in recent times, according to a price notification of state-owned fuel retailers. The increase took petrol and diesel prices across the country to fresh highs.
Taxes
People in several states already shelling out over Rs. 100
Fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges. While petrol had crossed the Rs 100-a-liter mark in Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, Odisha, and Ladakh, several towns in Tamil Nadu including Salem, Vellore, and Cuddalore saw that level after the steep price hike.
Prices across country
Petrol costs Rs. 104.22 per liter in Mumbai
In Delhi, petrol hit an all-time high of Rs. 98.11 a liter, while diesel is now priced at Rs. 88.65. In Chennai, petrol is priced at Rs. 99.19 and diesel comes for Rs. 93.23 per liter. Among metro cities, petrol is above Rs. 100 in Mumbai, Hyderabad, and Bengaluru. In Mumbai, petrol now costs Rs. 104.22 a liter and diesel comes for Rs. 96.16.
Price hike
Since May 4, petrol price has risen by Rs. 7.71/liter
The rate of diesel had crossed the Rs. 100-a-liter mark in Sri Ganganagar and Hanumangarh in Rajasthan and a couple of places in Odisha. The hike on Saturday is the 30th increase since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision. In 30 hikes, the petrol price has risen by Rs. 7.71 per liter and diesel by Rs. 8.12.
Global prices
Brent crude has crossed $75 per barrel mark
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. Oil prices have climbed on optimism of a quick recovery in fuel demand. Brent crude soared past the $75 per barrel mark, the first time since April 2019.