Petrol Price Today 8th June 2021: There has been some relief today from the rapidly increasing petrol-diesel prices. There has been no change in the rates of petrol and diesel today. Despite this, today the most expensive petrol in India is being sold beyond Rs 105 in Sri Ganganagar, Rajasthan. Whereas, here Diesel is also going to hit a century soon. Today the price of diesel here is more than Rs 98 per liter. See at what rate petrol and diesel are being sold in major cities of the country today…
|name of the city||Petrol Rs/Litre||
Oil became costlier by more than Rs 5 after assembly elections
After the elections of 5 states including Bengal, there has been a record increase in the price of petrol and diesel. Petrol has jumped by Rs 4 91 paise in 35 days since May 4, while diesel has become costlier by Rs 5 49 paise during this period. Today i.e. on Monday, petrol has become costlier by 28 paise and diesel by 27 paise. After this hike, the rates of petrol and diesel are at a record high. Petrol in Delhi has now reached Rs 95.31 and diesel at Rs 86.22.
Fuel prices vary from state to state due to local taxes such as Value Added Tax (VAT) and freight charges. Retail prices of auto fuels are going up due to the rise in international crude oil prices. After May 4, petrol has scored a century in many cities and diesel is close to the century for the first time. Petrol has crossed 100 in 7 states including Maharashtra, Rajasthan, Andhra Pradesh and Madhya Pradesh. The price of petrol has crossed 100 in Mumbai, Ratnagiri, Parbhani, Aurangabad, Jaisalmer, Ganganagar, Banswara, Indore, Bhopal, Gwalior, Rewa, Guntur and Kakinada. Mumbai is the first metropolis in the country, where petrol reached above Rs 100 per liter on 29 May. At present, petrol in Mumbai is Rs 101.52 and diesel Rs 93.58 per liter.
The biggest reason for the cost of petrol and diesel is the rise in international crude oil prices and taxes. Benchmark Brent crude, which was down 0.06% at $71.31 a barrel on Thursday, was up 0.81% at $71.89 a barrel on Friday. However, it fell 0.56% to $ 71.49 a barrel in early trade on Monday. At the same time, retail prices of fuel are also high in India due to tax. According to official data as of June 1, Delhi has 34.8% central duty on petrol, while 23.08% is state government tax in the form of VAT. Central taxes on diesel are over 37.24 per cent, while state taxes are around 14.64 per cent. As international crude oil prices fell in 2020, the central government raised excise duty on the fuel to replenish its coffers.
Even as the past month witnessed volatility in international oil prices, the retail rates of fuel in India only increased. For example, on May 20, Brent crude fell to $65.11, the lowest in 34 days; The next day the prices of petrol and diesel were increased by 19 paise per liter and 29 paise per liter respectively. There was a stagnation in the price of petrol and diesel for 66 days from February 27 due to the elections. According to officials working in state-run oil marketing companies, the retail prices of petrol and diesel are high as the companies are meeting their past revenue losses. During the 66-day halt, retailers had also reduced the rates of petrol and diesel by 77 paise and 74 paise per liter respectively in four short phases, but consumers are reeling from the fire in fuel prices since May 4.
The government deregulated the prices of petrol on 26 June 2010 and diesel on 19 October 2014. Since then government retailers are free to change oil prices every day. Public sector retailers – IOC, Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) – control about 90% of the domestic fuel retail market.