Petrol, diesel prices hold steady on June 17; check rates in top cities
Yesterday’s hike was the 26th price hike since May 4, when the state-owned oil firms ended an 18-day hiatus in rate revision in May
Petrol and diesel prices remained unchanged on June 17 across the country after a day’s rise. The auto fuel prices had touched a fresh all-time high on Wednesday, with petrol and diesel becoming costly by 25 paise and 13 paise per litre respectively.
Today, a litre of petrol and diesel in Delhi will cost Rs 96.66 and Rs 87.41 respectively, according to Indian Oil Corporation, the country’s largest fuel retailer.
In Mumbai, a litre of petrol is being retailed at Rs 102.82 and diesel Rs 94.84. Currently, fuel prices are highest in Mumbai among all metro cities.
Yesterday’s hike was the 26th price hike since May 4, when the state-owned oil firms ended an 18-day hiatus in rate revision in May. Petrol price has increased by Rs 3.83 in May, while diesel price has gone up by Rs 4.43 per litre.
Here is the list of fuel prices in top-10 cities:
Fuel price above Rs 100 mark
Petrol prices have already crossed the Rs 100-mark in six states and union territories – Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana and Ladakh. Diesel too crossed the Rs 100-mark in Rajasthan. Sri Ganganagar district of Rajasthan has the costliest petrol and diesel in the country with Rs 107.79 per litre and Rs 100.51 a litre. Indore, Bhopal, Gwalior, Jaisalmer, Jaipur, Banswara, Ratnagiri, Parbhani and Aurangabad are also few cities selling auto fuel above Rs 100 mark.
Fall in demand
Fuel demand in May dropped to its lowest in nine months, while prices are on the rise. According to the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry, despite the low base of May 2021, the demand fell 1.5% to 15.1 million tonnes year-on-year. It was down 11.3% from the previous month.
Prices differ due to difference in taxes
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel. The union government levies Rs 32.90 per litre of excise duty on petrol. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh.