Petrol and diesel prices hit an all-time high on Friday, June 4. While petrol prices have become dearer by 27 paise per litre, diesel prices went up by ₹28 paise a litre.
In Delhi, the petrol price jumped to ₹ 94.76 per litre, while diesel price has increased to ₹ 85.66 per litre. The price of petrol remained above the ₹100-mark in Mumbai (₹ 100.98 per litre). Diesel was priced at ₹ 92.99 per litre, according to the Indian Oil Corporation (IOCL) as reported by Money Control.
The petrol price in Chennai stood at Rs 96.23 and the diesel price at Rs 90.38 per litre. The price of petrol and diesel in Kolkata were reduced to ₹ 94.76 per litre and ₹ 88.51 per litre, respectively.
Fuel prices differ across states depending on local taxation like a value-added tax (VAT) and factors such as freight charges. Rajasthan reportedly levies the highest VAT on petrol in the country, followed by Madhya Pradesh and Maharashtra.
43 Hikes In Five Months
It is only June and yet the fuel prices have experienced a string of 43 hikes and just four cuts, reported Business Today. In January and February this year, the prices were increased 10 and 16 times, respectively. In March and April, there was no hike just after the election dates for five states -- West Bengal, Tamil Nadu, Assam, Kerala and Puducherry -- were announced on February 27.
Instead, the prices went down three times in March and once in April, leading to a fall in petrol prices by ₹ 0.61 and 0.16 per litre, respectively, and diesel by ₹0.60 and ₹0.14 per litre, respectively. But in May, prices were hiked 16 times. On the first day of June 1, petrol and diesel prices were again increased amounting to a total of 43 hikes in just over five months this year.