Gasoline prices today approached 91 rupees per liter in the nation’s capital and diesel has crossed 81 rupees per liter, as fuel prices rose again after a two-day hiatus.
Gasoline and diesel prices were hiked by 35 paise a liter each, which sent retail prices to an all-time high, according to a price notification from state-owned fuel retailers.
The increase pushed the price of gasoline to Rs 90.93 per liter in Delhi and Rs 97.34 in Mumbai.
Diesel – the most consumed fuel in the country – now comes for Rs 81.32 per liter in the national capital and for Rs 88.44 in Mumbai.
Fuel prices had risen for 12 straight days before hitting a two-day break button on February 21 and 22.
The increase follows a surge in oil prices on the international market, on which India depends for its 85% of crude oil needs.
Brent oil today crossed $ 66 a barrel as US production was slow to return after a deep freeze in Texas that halted production last week.
Gasoline prices increased by Rs 4.63 per liter in February and Rs 7.22 in 2021. Diesel prices increased by Rs 4.84 per liter in February and Rs 7.45 in 2021.
The price of gasoline has already passed the Rs 100 mark in parts of Rajasthan and Madhya Pradesh, which levy the highest value added tax (VAT) on fuel.
Retail pump prices differ from state to state based on local taxes (VAT) and freight.
The increase in fuel prices has been criticized by opposition parties such as Congress who have said the Narendra Modi government should have reduced excise duties to ease consumer pain.
The Modi government had raised taxes to reap the benefits of falling international oil rates to their two-decade low in April / May last year. While global rates have rebounded with the recovery in demand, the government has failed to restore taxes, which are at an all time high.
Central and state taxes account for 60 percent of the retail price of gasoline and over 54 percent of diesel.
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