PETROL PRICES SOARED TO AN ALL TIME HIGH IN INDIA | CROSSED RS. 100 MARK FOR THE FIRST TIME IN ITS HISTORY

29
Jan

PETROL PRICES SOARED TO AN ALL TIME HIGH IN INDIA | CROSSED RS. 100 MARK FOR THE FIRST TIME IN ITS HISTORY

As global crude oil prices continue to rise, fuel prices are reaching new record highs in the country every day. After the latest rate increase by the oil marketing companies (OMC) on Wednesday, the price of branded or quality petrol in Rajasthan's Sriganganagar crossed Rs 100 per liter.

Standard fuel costs have risen to Rs 98.40 per liter in Sriganganagar, and branded or graded petrol prices have increased to Rs 101.15 per liter. On January 28, both petrol and diesel rates remained constant.

As of January 6, petrol and diesel rates are scaling up — smashing all-time records. Petrol prices in New Delhi rose to Rs 86.30 per lire, while diesel prices rose to Rs 76.23 per liter on 27 January. This is Delhi's highest gas price.

Petrol hit Rs 92.86 per liter in Mumbai. The price increase has an effect on branded petrol that is directly proportionate. Branded petrol, for example, is sold in Delhi for Rs 89.10 a liter and in Mumbai for Rs 95.61/liter.

Taxes Causing Elevated Fuel Prices in India

As OMCs continue to raise rates due to a rise in foreign oil prices, people in the country have begun to feel the pinch of higher fuel prices.

On 6 January, after almost a month-long pause, government fuel retailers including Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) resumed the regular price adjustment. The price of petrol has since soared by Rs 2.5, while diesel costs have increased by Rs 2.6.

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January 29, 2021

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29
Jan