491109 SIP myths you must know!

Petrol price has breached the Rs 100 per litre mark in as many as 11 cities after revision in prices on June 26. A litre of petrol is now in Delhi is now available for  Rs 98.11 and diesel at Rs 88.65. In Mumbai, a litre of petrol and diesel costs Rs 104.22 and Rs 96.16. Currently, fuel prices are highest in Mumbai among all metro cities.

After today’s rise, it added up to Rs 7.71 for petrol and Rs 7.92 for diesel. This is the 30th price hike since May 4, when the state-owned oil firms ended an 18-day hiatus in rate revision in May. Petrol price has increased by Rs 3.83 in May, while diesel price has gone up by Rs 4.43 per litre.

Here is the list of fuel prices in top-10 cities:

Fuel price above Rs 100 mark:

Petrol prices have already crossed the Rs 100-mark in nine states and union territories – Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu & Kashmir, Odisha and Ladakh. Sri Ganganagar district of Rajasthan has the costliest petrol and diesel in the country with Rs 109.30 per litre and Rs 101.85 a litre. Indore, Bhopal, Gwalior, Jaisalmer, Jaipur, Banswara, Ratnagiri, Parbhani and Aurangabad are also few cities selling auto fuel above Rs 100 mark.

Prices differ due to difference in taxes

Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.  Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel. The union government levies Rs 32.90 per litre of excise duty on petrol. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh.