Petrol now costs a whopping Rs. 99.71/liter in Mumbai
Petrol price inched toward the Rs. 100 mark in Mumbai on Tuesday after fuel rates were hiked again. Petrol price was increased by 23 paise per liter and diesel by 25 paise a liter, according to a price notification of state-owned fuel retailers. The hike - thirteenth this month - pushed petrol and diesel prices to record-high levels across the country.
Some cities are already shelling out Rs. 100 or more
Petrol price in Delhi rose to Rs. 93.44 a liter and diesel to Rs. 84.32 a liter. In Mumbai, the petrol price climbed to Rs. 99.71 a liter and diesel to Rs. 91.57 per liter. Rates had already crossed the Rs. 100 mark in several cities in Rajasthan, Madhya Pradesh, and Parbhani in Maharashtra. Mumbai is also fast approaching the level now.
Rajasthan levies the highest VAT on petrol in India
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in India, followed by MP and Maharashtra. Oil companies revise rates of petrol and diesel daily based on average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
This is the thirteenth hike this month
This is the thirteenth 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. Rajasthan's Sri Ganganagar district had the costliest petrol and diesel in India at Rs. 104.42/liter and Rs. 97.18/liter, respectively. In 13 increases, petrol has risen by Rs. 3.04/liter and diesel by Rs. 3.59.