Globally, the price of crude oil fell nearly 2 percent, despite this, petrol and diesel prices rose again on Tuesday. After this hike, petrol first crossed Rs 100 per liter in West Bengal and Rs 110 per liter in Rajasthan. Darjeeling now costs Rs 100.08 per liter. And since diesel sells for Rs 93.16, West Bengal has joined the States and Union Territories (UT) Club, where petrol prices have exceeded Rs 100.
Oil prices rose 32 times in 57 days
On Tuesday, petrol rates were hiked by 35 paise and diesel by 28 paise. This is the 32nd time in 57 days that fuel prices have increased since May 4. Petrol costs Rs 8.41 per liter, while diesel costs Rs 8.45 per liter. On Monday, the benchmark Brent crude fell 1.96% to $ 74.68 a barrel. Brent traded down 0.51% during midday trading on Tuesday, reaching $ 74.30.
Also Read: Petrol prices in Rajasthan today, petrol 110 and diesel crossing Rs 102, know today’s latest rates
Petrol crosses 100 in these states: Maharashtra, Rajasthan, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Odisha, Manipur, Jammu & Kashmir, Ladakh, Punjab, Bihar, Kerala, Tamil Nadu and West Bengal.
Petrol has also hit a century in these cities: Mumbai, Ratnagiri, Parbhani, u Rangabad, Jaisalmer, Ganganagar, Banswara, Indore, Bhopal, Gwalior, Guntur, Kakinada, Chikmagalur, Shimoga, Hyderabad, Leh, Imphal, Kalahandi, Sopore, Taramullaharam
Why are rising petrol and diesel prices not stopping
In 2020, central and state governments’ revenues were affected by the epidemic, so even though global crude oil prices were falling, the tax on petrol and diesel was increased. The central government increased its excise duty and the states did the same.
As of June 16, Delhi’s taxes are as follows
- Central government tax on petrol 34.03%
- State Government Tax on Petrol 23.08%,
- Central Government Tax on Diesel 36.38%
- The state government tax on diesel is 14.63%.
Companies are filling losses
Despite the oil price fluctuations in the international market since May 4, petrol and diesel prices in India are always on the upswing. On May 20, Brent crude fell to $ 65.11. This was the lowest level of 46 days, but the next day petrol in India increased by 19 paise and diesel by 29 paise.
According to officials working in government oil marketing companies, retail prices of petrol and diesel are rising, as companies are offsetting their past revenue loss. Let us tell you that there was a stagnation in petrol and diesel prices from February 27 to 66. This was the period when the assembly elections were held in four states and one union territory. During the 66-day shutdown, state-run retailers have slashed the price of politically sensitive petrol and diesel in four short steps – 77 paise and 74 paise respectively.
