Funding a war
Fuel economics can be quirky not the least because Russia’s oil revenue has risen sharply despite the sanctions. Indeed, oil prices, according…
Fuel price rise in the country continued on Monday, with oil marketing companies (OMCs) increasing the petrol and diesel pump rate for the second consecutive day.
Accordingly, petrol and diesel retail prices increased by 28 paise and 27 paise per litre to Rs 95.31 and Rs 86.22 per litre respectively in Delhi on Monday.
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In Mumbai, where petrol prices crossed Rs 100 mark for the first time on May 29, the fuel price reached new high of Rs 101.53 per litre on Monday. Diesel price also increased in the city to reach Rs 93.57 a litre, the highest among metros.
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Across the country, petrol and diesel prices increased between 24-28 paise per litre on Monday, but its retail prices varied depending on local taxes in different states.
Mumbai is not the only city to have unique distinction of petrol breaching the Rs 100 per litre mark. Thane reached the mark a few days back while few other cities in Rajasthan (including Jaipur) Madhya Pradesh and Maharashtra have the highest VAT levels on auto fuels in the country been selling normal petrol for over Rs 100 a litre for past several days.
Ganganagar in Rajasthan has the highest level of petrol prices at Rs 106.29 a litre while diesel price there as well is closing on the century mark remaining at Rs 99.23 a litre. While Rajasthan has high retail prices of fuels due to high VAT rates, Sri Ganganagar, a small city in the state near the India-Pakistan border, has the most expensive auto fuel in the country due to higher freight it had pay to get fuel at stations.
Premium petrol price has already crossed the Rs 100 per litre mark in several parts of the country through increased retail rates in the month of January and February.
With Monday’s price hike, fuel prices have now increased on 20 days and remained unchanged on 18 days since May 1. The 20 increases have taken up petrol prices by Rs 4.91 per litre in Delhi. Similarly, diesel has increased by Rs 5.50 per litre in the national capital.
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