Petrol, diesel prices rise after a day’s pause; check rates in top cities

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Petrol and diesel prices rose again on May 31 after a day’s pause. The auto fuel prices touched a new all-time high on Monday, with petrol becoming costly by 29 paise and diesel by 28 paise per litre.

Petrol prices have already breached the Rs 100-mark in Mumbai. After today’s revision, a litre of petrol and diesel in the country’s financial capital costs Rs  100.47 and Rs 92.45 respectively.

In Delhi, a litre of petrol and diesel will now cost Rs 94.23 and Rs 85.15 respectively, according to Indian Oil Corporation, the country’s largest fuel retailer.

Petrol price has increased by Rs 3.83 in May, while diesel price has gone up by Rs 4.43 per litre. This is the 16^th price hike since May 4, when the state-owned oil firms ended an 18-day hiatus in rate revision.

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

Fuel prices have shot up to record levels since January. Over the last few months, there have been 26 increases in petrol and diesel prices that have rocketed prices by more than Rs. 10 per litre.

Fuel price above Rs 100 mark:

Petrol prices have already crossed the Rs 100-mark in parts of Rajasthan, Madhya Pradesh and Maharashtra. Sri Ganganagar district of Rajasthan has the costliest petrol and diesel in the country at Rs 105.24 per litre and Rs 98.08 a litre, respectively. Indore, Bhopal, Gwalior, Jaisalmer, Jaipur, Banswara, Ratnagiri, Parbhani and Aurangabad are also few cities selling auto fuel above Rs 100 mark.

Prices differs  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.