PETROL COSTLIER BY ₹2.45 AS FUEL PRICES RISE FOR 10TH TIME IN MAY

Rising streak of fuel rates continued unabated for the tenth time in 15 days, making petrol costlier by ₹2.45 a litre and diesel by ₹2.78 since May 4 as state-run retailers on Tuesday raised petrol rate by 27 paise per litre and diesel by 29 paise a litre.

While petrol price in Mumbai soared to ₹99.14 a litre on Tuesday, costliest among major metros, it has already crossed the ₹100 mark in several cities, particularly in Rajasthan, Maharashtra and Madhya Pradesh. Some of the cities selling the fuel over ₹100 per litre are Ratnagiri, Parbhari, Aurangabad, Indore, Bhopal, Gwalior, Jaisalmer, Ganganagar and Banswara.

There are two key reasons for higher petrol and diesel rates – taxes on auto fuels and a spike in international oil prices. To be sure, much of the retail price is taxes.

For instance, in Delhi, on May 16, central taxes accounted for 35.5% of petrol’s price, and state taxes, 23%. On diesel, central levies are over 38.2% while state taxes are about 14.6%.