Petrol rises above Rs.100

As fuel prices shoot up again, petrol price on Sunday crossed Rs.95 a litre in Delhi and diesel Rs.86 per litre mark for the first time ever. 

Petrol price was increased by 21 paise per litre and diesel 20 paise a litre, as per a price notification of state-owned fuel retailers. 

Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. 

Rajasthan levies the highest VAT on petrol and diesel in the country, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana.

Petrol hit an all-time high of Rs. 95.09 a litre in Delhi, while diesel is now priced at Rs.86.01 per litre.

Petrol is now above Rs 100 per litre mark in six states and union territories – Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana and Ladakh. The hike which is for the 20^th time since May 4, took fuel prices across the country to a historic high.

Retail prices have risen after an increase in international oil prices on investors’ optimism that improving demand and a downsizing supply surplus may mean the market can absorb any additional production from OPEC and its allies. 

For the first time in two years Brent crude, the global oil-price benchmark, is nearing $72 per barrel.

Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates.

Petrol now costs Rs.101.3 per litre in Mumbai and diesel comes for Rs.93.35. It became the first metro in the country where petrol was being sold at over Rs 100-a-litre mark on May 29.

The increase on Sunday is the 20th increase in prices since May 4. State-owned oil firms ended an 18-day interlude in rate revision which they observed during assembly elections in states like West Bengal. 

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Krishna Rath is a SEBI Registered Investment Adviser, and since 2015 has been educating netizens on investments and insurance. Krishna is a fee only SEBI RIA and is Odisha's first SEBI RIA. With background in IT, Krishna is changing the advisory space with new innovations in AdvisoryTech.

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