Gasoline crosses 100 rupee mark in Mumbai as fuel prices rise on Saturday



Gasoline Breaks Rs100 In Mumbai As Fuel Prices Rise On Saturday | Photo credit: BCCL

Highlights

  • OMCs including BPCL, IOCL and HPCL review fuel prices every morning 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
  • Mumbai became the country’s first metropolis to see regular gasoline sell for Rs 100

New Delhi: Gasoline and diesel prices rose again on Saturday, leading gasoline prices to cross the 100 rupee mark in Mumbai. After today’s price revision, while the price of diesel increased from 28 to 30 paise, gasoline became 25 to 26 paise more expensive. In the national capital of Delhi, gasoline retailed at Rs 93.94 per liter while diesel was priced at Rs 84.89 per liter.

For the first time, the price of gasoline in Mumbai has crossed 100 rupees. In the economic capital, gasoline was selling today at Rs 100.19 while it was priced at Rs 92.17 per liter. Mumbai has now become the first metropolis in the country to see gasoline sell for Rs 100. Note that the price of gasoline had already exceeded Rs 100 in Sriganganagar in Rajasthan and Bhopal in Madhya Pradesh.

Gasoline and diesel prices remained unchanged on Friday. However, after Thursday’s price hike, gasoline broke the 100 rupee mark in Thane, the first time in Maharashtra. Jaipur has become the second capital of the state after Bhopal, where the price of oil has exceeded 100 rupees.

Gasoline and diesel prices in town:

City Gasoline (Rs / liter) Diesel (Rs / liter)
Delhi 93.94 84.89
Bombay 100.19 92.17
Calcutta 93.97 87.74
Chennai 95.51 89.65
Bengaluru 97.07 89.99
Hyderabad 97.63 92.54
Noida 91.49 85.36
Bhopal 102.04 93.37
Patna 96.10 90.16
Lucknow 91.41 85.28

Premium gasoline prices have already crossed the Rs 100 per liter mark in the city and other parts of the country thanks to the increase in retail prices in January and February. Friday’s break in the price review came after the WTO raised fuel prices from 25 to 30 paise per liter kept the day before. Oil companies have followed this trend for the past two weeks when fuel prices are hiked on some days and kept unchanged on others.

Fuel prices have now increased over 15 days so far in May. The 15 increases in May pushed up petrol prices by Rs 3.53 per liter in Delhi. Likewise, the price of diesel increased by Rs 4.18 per liter in the national capital.

Rise in gasoline and diesel prices after legislative elections:

It should be noted that for the past two months, the process of electing the assembly has been going on in many states across the country. Therefore, even after crude oil was expensive last month, there has been no increase in the price of gasoline and diesel. After crude oil became cheaper, gasoline and diesel prices were cut in four brackets. This made gasoline cheaper by 77 paise per liter. After the election, gasoline became more expensive by 3.61 rupees in 16 days.

Fuel prices started to rise again this month. After the election, gasoline became more expensive by 3.61 paise per liter in 16 days. In March-April, the price of diesel was reduced for four days. Because of this, it has become cheaper by 74 paise per liter. After the elections, diesel became expensive at Rs 4.11 per liter in 16 days.

Revision of the fuel price:

Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) review fuel prices each morning by comparing retail fuel prices to a 15-day moving average of global commodity prices and the dollar exchange rate.

Keep in mind that fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Central and state taxes account for 60% of the retail price of gasoline and over 54% of diesel. The Union government levies Rs 32.90 per liter of excise duty on gasoline and Rs 31.80 on diesel. Rajasthan levies the highest value added tax (VAT) in the country, followed by Madhya Pradesh.



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