Petrol and Diesel price crosses 100 mark in India today

On Saturday, petrol and diesel price crosses a shocking 100 Rs per litre mark in the country. With the latest revision, in Mumbai, a litre of petrol now costs Rs 102.30 and diesel costs 94.39 as per the Indian Oil Corporation.

On May 29, India’s financial capital Mumbai became the first metro city in India to have crossed the Rs 100-a-litre mark in petrol. Petrol price is also reaching towards ₹100 mark in Bengaluru as the fuel is now sold at ₹99.33 a litre which is the second-highest.

The price rise on 12 June 2021 led to a litre of petrol retailing at Rs 96.12 and diesel at Rs 86.98 in the National Capital and Chennai fuel prices were revised to Rs 97.43 per litre for petrol and Rs 91.64 per litre for diesel.

While fuel rates in the National Capital are the benchmark for the whole nation, retail costs of petrol and diesel alter from one city to another due to variation in state and local taxes.

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Cities that are selling petroleum at 100 per litre or near to the 100 Rs mark are Ratnagiri, Parbhani, Mumbai, Aurangabad, Jaisalmer, Gwalior, Guntur, Ganganagar, Banswara, Indore, Bhopal, Kakinada, Chikmagalur, and Shivamogga. 

The rise in international oil rates and extravagant domestic tax structure are two main reasons behind high petroleum and diesel rates. The hike in gas stations’ fuel prices is because of taxes. 

In the capital city Delhi, the central tax is 34.8% of petroleum’s cost and state charges, 23.08%, as indicated by June 1 official data. On diesel, central taxes are more than 37.24% while state charges are about 14.64%. Moreover in 2020, as the crude oil costs declined the Central government increased excise duty on the fuel to support its finances. 

According to executives working in state-run oil marketing organizations, the petrol and diesel prices are high because were recovering their last year’s revenue losses, The Hindustan Times reported.

As per analysts, the most recent rise has made petroleum costlier by ₹5.72 per liter and diesel by ₹6.25 in India since May 4, after the five assembly polls results were declared.