Gujarat Exclusive > National-World > Petrol, diesel price hiked again. This city is first metro to see fuel prices cross Rs100/litre

Petrol, diesel price hiked again. This city is first metro to see fuel prices cross Rs100/litre

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State-run oil marketing companies once again hiked petrol and diesel prices on Saturday. Petrol prices were hiked by 26 paise while diesel prices were increased by 28 paise. This is the 15th increase in fuel prices since May 4.

Petrol price hikes had come to a stop while assembly elections were on in five states including Tamil Nadu and West Bengal. In Mumbai, petrol prices crossed the Rs100 mark for the first time. Petrol costs Rs100.19 per liter in the city, making it the first metro in the country to see petrol prices cross the Rs100 mark. Several other cities of India including Bhopal and Jaipur had already seen the petrol prices cross the Rs100 mark.

Sri Ganganagar district in Rajasthan has the highest cost of petrol in the country. One litre of petrol costs Rs 104.65 while diesel is priced at Rs 97.53 per litre.

Though hikes in petrol and diesel prices are uniform across the country, VAT imposed by states differ and so does the cost of transporting the fuel and hence the fuel costs are different in each city.

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Apart from VAT, the Center also levies excise duty on fuel. Taxes levied by the state and centre account for 60% of the retail cost of petrol and 54% of diesel.

How petrol diesel prices are decided?

The state-run oil marketing companies decide the rate of domestic fuel based on the global crude oil prices. Changes in the foreign exchange rates are also taken into consideration while deciding the hike.

State-owned Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel rates every day at 6 AM.

Brent crude futures stood at $ 69.67 per barrel while the rupee was 72.45 against the US dollar on Friday.

 

 

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