There are no signs of rise in fuel prices abating as prices were hiked for the second straight day on Thursday after breaching the Rs100-mark in metro cities. It was the sixth hike in July which made petrol costlier by 35 paise in the national capital, while diesel price rose by 9 paise, according to oil companies.
After the latest hike, the petrol in the national capital has touched a record high of Rs100.56 per litre in Delhi while diesel is currently retailed at Rs89.62. In Mumbai, petrol is retailed at Rs106.59 per litre, whereas diesel has reached Rs97.18 per litre.
The fuel price has crossed the psychological three figure mark in at least 10 state capitals so far. Fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges.
The fuel prices have rosed for 38th time since 4 May after oil companies revised the rates once the assembly election results were declared in five states and a UT. The price of petrol has witnesses a rise by Rs10.16 per litre and diesel by Rs8.83 a litre.
The rally in domestic prices is said to be on the back of international Brent crude rates as India is dependent upon imports for 85% of its oil needs.
Since then, the price of petrol has risen by Rs10.16 per litre and diesel by Rs8.83 a litre. The rally in domestic prices is said to be on the back of international Brent crude rates as India is dependent upon imports for 85 per cent of its oil needs. 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.
Meanwhile, CNG and PNG prices were also revised on Thursday after Indraprastha Gas Ltd (IGL) informed about the hike.
Compressed natural gas (CNG) retail price in Delhi has been revised to Rs44.30/kg from Rs43.40/kg with effect from 8th July. On the other hand, Piped natural gas (PNG) domestic price is going to be Rs29.66 per SCM (Standard Cubic Meter).
In Noida, Greater Noida & Ghaziabad, CNG retail price has been revised to Rs49.98/kg from Rs49.08/kg from today, whereas, PNG domestic price to Rs29.61 per SCM.
‘CNG would offer 68 per cent savings as compared to petrol & 50 per cent savings as compared to diesel on running cost at revised prices in Delhi,” IGL said in a tweet.