CM Shinde informe that the decision would entail a burden of Rs 6,000 crore on the state exchequer.
Petrol and diesel prices and LPG rates are decided on the basis of benchmark rates in the international oil market. India imports around 85 per cent of its oil and energy requirements
Petrol is the most expensive in Rajasthan’s Sri Ganganagar district, located near the India-Pakistan border.
In yet another attack on the state governments, Union Minister for Petroleum and Natural Gas Hardeep Singh has accused states like Rajasthan, Maharashtra and Kerala of claiming the credit for the cut in excise duty on petrol and diesel announced by the Centre.
In line with the centre's decision to slash excise duty on petrol and diesel, many states followed suit by cutting down on VAT on fuel. Here are the details.
With this hike, the retail cost of CNG in the national capital territory (NCT) of Delhi has touched Rs 66.61/kg.
Diesel is the costliest in Chittor in Andhra Pradesh (Rs 105.52 a litre), while petrol at Rs 120.65 a litre is the costliest at the border town of Sri Ganganagar in Rajasthan.
This is the 11th hike in fuel prices since the ending of a four-and-half month long hiatus in rate revision on March 22.
This takes the total hike in fuel rates in the last 12 days to Rs 7.20 per litre. Check the latest prices in major cities here.
Meanwhile, for Ghaziabad and Noida, the domestic PNG price has been increased by Rs 5.85 to Rs 41.71/SCM.
In Delhi, a litre of petrol is being sold at Rs 101.81 per litre, while diesel costs Rs 93.07 a litre on Friday, according to the latest rate released by the Indian Oil Corporation Ltd. (IOCL).
In Delhi, a litre of petrol will now cost Rs 101.01 per litre compared to Rs 100.21 previously, whereas diesel price has climbed to Rs 92.27 per litre from Rs 91.47 a litre.
A recent report by Kotak Institutional Equities has said that oil marketing companies “will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on petrol at an underlying crude price of $100-120 per barrel”.
After the latest price revision, a litre of petrol in Delhi now costs Rs 99.11 per litre while diesel is priced at Rs 90.42 per litre, according to a price notification of state fuel retailers.
With Saturday's price hike, the retail prices of petrol and diesel have gone up by Rs 3.20 per litre.
Indian state fuel retailers - IOC, Bharat Petroleum Corp, Hindustan Petroleum Corp - dominate local fuel sales market and move prices in tandem.
Petrol and diesel prices have also gone up in cities like Bengaluru, Hyderabad, Ahmedabad, Bhopal, Pune, Gurgaon and Noida.
Worst hit are private retailers like Nayara Energy, Jio-bp and Shell, who have so far refused to curtail any volume despite a surge in sales.
Petrol and diesel prices need to be increased by Rs 15 a litre for fuel retailers to break even, industry sources said.
Petrol prices have gone down by around Rs 8 per litre from Rs 103 per litre to Rs 95 per litre in Delhi as the state government slashed the value-added tax (VAT) on petrol.
Petrol prices have been further reduced by as much as Rs 8.7 per litre and diesel Rs 9.52 in BJP-ruled states and Union Territories - from Ladakh to Puducherry.
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