Fuel prices hiked again, petrol costs Rs. 101.54/liter in Delhi
Petrol price on Thursday was hiked by 35 paise per liter and diesel by 15 paise, pushing rates to a new high across the country. Petrol in Delhi now costs Rs. 101.54 a liter and diesel Rs. 89.87 per liter, according to a price notification of state-owned fuel retailers. As much as 55 percent of the petrol price in Delhi comprises taxes.
Petrol-diesel prices were last cut on April 15
The increase comes after rates stayed mute for three days. Petrol price was last hiked on July 12, the same day when diesel saw its first reduction in almost three months. The increase on Thursday neutralized the 16 paise price cut in diesel. Previously, petrol-diesel prices were last cut on April 15. Thereafter, rate revision took an 18-day pause, coinciding with state elections.
Petrol price has been revised 40 times since May 4
The revision cycle started soon after results for the state elections were declared. Since May 4, petrol price has been hiked on 40 occasions while diesel rates have gone up 37 times and have been reduced on one occasion. Domestic fuel rates are benchmarked to international oil prices as India is 85 percent dependent on imports to meet its oil needs.
Petrol rates are above Rs. 100-a-liter mark in 15 states
The relentless price increase has pushed petrol rates above the Rs. 100-a-liter mark in most places in 15 states including Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Odisha, Tamil Nadu, Kerala, Bihar, Punjab, Uttar Pradesh, and Haryana. Rates are also above the sensitive Rs. 100 per liter level in four Union Territories including Delhi, Jammu and Kashmir, and Ladakh.
Petrol price has increased by Rs. 31.95/liter since May 2020
Diesel, the most used fuel in the country, is above Rs. 100-a-liter level in some places in Rajasthan, Odisha, and Madhya Pradesh. Since May last year, petrol price has jumped by Rs. 31.95 a liter and diesel by Rs. 27.58. The government last year raised excise duty on the two fuels to recoup gains arising from a slump in international oil prices.