Petrol and diesel prices were increased for the fourth consecutive day on Friday, May 7, scaling record highs across the country.
Petrol prices have touched Rs 102 per litre in some parts of Rajasthan and Madhya Pradesh, after a more than two-week hiatus during the assembly elections in four states and one Union Territory (UT).
As per a price notification by state-owned fuel retailers, petrol price was raised by a steep 29 paise a litre and diesel by 31 paise a litre on Friday. The hike took the price of petrol in Delhi to Rs 91.27 per litre and that of diesel to Rs 81.73 a litre. In Mumbai, the petrol price was hiked to Rs 97.61 a litre from Rs 97.34, while diesel rates were increased to Rs 88.82 from Rs 88.49, the price notification showed.
In Sri Ganganagar district of Rajasthan, petrol touched Rs 102.15 a litre, prices from oil companies showed. Diesel rate in the district stands at Rs 94.62.
In Anuppur of Madhya Pradesh, petrol now costs Rs 101.86, and diesel rate stands at Rs 92.90, while petrol is priced at Rs 100.46 a litre, and diesel at Rs 90.20 in Parbhani, Maharashtra.
This is the second time this year that rates in some parts have crossed the Rs 100 mark; they had breached the physiological mark for the first time in mid-February.
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 the country, followed by Madhya Pradesh.
Friday was the fourth straight day when prices of petrol and diesel were hiked since state-owned fuel retailers ended an 18-day hiatus in rate revisions during assembly elections.
In four days, petrol price has increased by 88 paise per litre and diesel by Re 1, neutralising all of the reductions that came between March 24 and April 15.
Oil companies, which have in recent months resorted to an unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on April 15. This coincided with electioneering hitting a peak to elect new governments in four states, including West Bengal, as well as one UT.
No sooner had voting ended, oil companies indicated an impending increase in retail prices in view of firming trends in international oil markets.
They said prices have been on a continuous uptrend since April 27. Crude oil price is hovering near $70 per barrel mark.
Central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. The union government levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 on diesel.
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