Diesel prices crossed a sign of ₹ 100 per liter for the first time. In the country on Saturday because now sold with ₹ 100
Diesel prices crossed a sign of ₹ 100 per liter for the first time in the country on Saturday because it is now sold at a price of ₹ 100.05 per liter in Ganganagar Rajasthan after the state-run oil company raises automatic fuel rates for the 23rd time in 40 days.
The latest increase takes automatic rates for other records throughout the country because the gas station prices jumped by 27 Paise per liter and Diesel by 23 Paise on Saturday. The latest increase has made gasoline more expensive with ₹ 5.72 per liter and Diesel by ₹ 6.25 throughout the country since May 4, a day after the results of five assembly polls stated.
Gasoline in Delhi is now sold at ₹ 96.12 per liter and Diesel at ₹ 86.98 per liter. At the same time, fuel rates in Delhi are benchmarks for all countries. Retail prices of two fuels differ from one place to place due to state tax variations and local levies.
The price of gasoline also inched in the direction of ₹ 100 Mark in Bengaluru. Because the fuel is now sold at a price of ₹ 99.33 per liter, the second-highest among Mumbai. Financial capital has the highest fuel rate between Metros. Gasoline is currently sold at a price of ₹ 102.30 per liter in Mumbai and Diesel on ₹ 94.39 per liter.
On May 4, the upward motion sees gasoline violate the sign of ₹ 100 in various cities throughout the country, especially in Maharashtra, Rajasthan, Andhra Pradesh, Madhya Pradesh, and Karnataka.
Some cities that sell gasoline for more than ₹ 100 per liter are Mumbai, Ratnagiri, Parbhani, Aurangabad, Jaisalmer, Ganganagar, Banswara, Indore, Bhopal, Gwalior, Guntur, Shivamogga. Costly fuel in Ganganagar (Rajasthan), where gasoline is sold on ₹ 107.22 per liter on Saturday.
The high international oil level and exorbitant domestic tax structure are two main reasons for gasoline and Diesel in the pump.
Indian fuel retailers align gasoline and diesel pumps with their international benchmark level the previous day. Benchmark Brent Crude, which fell marginal 0.56% at $ 71.49 a barrel on the first day of trading this week (Monday), strengthened this weekend to close at $ 72.69 a barrel on Friday, 0.23% rising from previous trading days.
The price of fuel pumps is also high due to tax. In Delhi, central levies contributed 34.8% of the gasoline and state tax price, 23.08%, according to the official data of June 1. On Diesel, the Central Tax was more than 37.24%, while state tax was around 14.64%. Through 2020, because global crude oil prices fell, the central government lifted customs for fuel to sustain its finances. The state also follows – with income about pandemics.
Even when international oil prices see volatility in the past month, India’s automatic fuel pump rate moves upward. For example, even though Brent crude fell to $ 65.11 on May 20, the lowest in 34 today; Gas stations and diesel rates the next day by 19 Paise per liter and 29 Paise per liter.
During the 66 days of the interest rate increase, the government-managed retailers have reduced gasoline and diesel rates by 77 Paise and 74 Paise per liter, respectively, in four small steps. However, the actual increase in consumers was quickly reversed in the four rounds of the increase in the first interest rate starting from May 4.
They regulated the government gasoline prices on June 26, 2010, and Diesel on October 19, 2014. Therefore, the retailer managed by the government is free to change the price of the pump every day. Public Sector Retailers – IOC, Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) – controlled almost 90% of the domestic fuel retail market.