On the 4th of June, fuel prices increased to an all time high of Rs. 100 in major parts of Telangana.
Besides Telangana, the neighboring Telugu State Andhra Pradesh, also reported a hike in fuel prices. On Friday, petrol price was increased by 27 paise per litre and diesel by 28 paise a litre. This is the 18th time, the nation reported a rise in fuel prices in one month (May.)
In Andhra Pradesh and Telangana, petrol is sold at over Rs. 100 per litre. In Hyderabad, petrol costs Rs.98.48 per litre, and diesel comes in at Rs 93.38 per litre. In Delhi, petrol hits an all time high of Rs. 94.76 a litre, while diesel is now priced at Rs. 85.66 per litre.
Recently, Rajasthan, Madhya Pradesh and Maharashtra also reported an all time high in fuel prices. In all the districts of Rajasthan, Madhya Pradesh and Maharashtra, petrol costs Rs. 100 per litre. It is to be noted, these states have the highest value added tax (VAT) in the country. In addition, Brent Crude, the global oil price benchmark, has risen above the United States Dollars (USD) 71 per barrel for the first time in two years.
Meanwhile in India, Mumbai became the first metro city, where fuel prices crossed Rs. 100/litre. As of today, the 4th of June, petrol now costs at Rs. 100.98 per litre in the city and diesel comes for Rs. 92.99.
The major reason behind the rise in the fuel prices is to balance retail prices in line with global developments due to the rise in crude oil prices.
State owned fuel retailers, the Indian Oil Corporation Ltd., (IOC,) the Bharat Petroleum Corporation Ltd (BPCL) and the Hindustan Petroleum Corporation Ltd., (HPCL) resume daily price revision. Everyday fuel prices are updated at 6:00 A.M. Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.
