On June 20, the prices of petrol have rallied again by 29 paise and diesel by 28 paise. This is the 27th hike in 48 days to make a litre of petrol and diesel costlier by ₹6.82 and ₹7.24 respectively, since 4th May, only a day after the results of five assembly polls.
The prices of petrol and diesel per litre have soared to ₹97.22 and ₹87.97 individually. Several cities have crossed the ₹100 mark in terms of petrol and diesel like Rajasthan’s Ganganagar where petrol is sold at ₹108.37 per litre along with diesel at ₹101.12 per litre on June 20, registering the tag of the highest retail prices.
Presently, Mumbai is selling petrol at ₹103.36 a litre and diesel at ₹95.44 per litre and has the highest fuel rate among all five metros.
Since May 4, the upward movement has seen petrol crossing the ₹100 mark in cities like Aurangabad, Banswara, Bhopal, Chikmagalur, Ganganagar, Guntur, Gwalior, Hyderabad, Indore, Jaisalmer, Kakinada, Leh, Mumbai, Parbhani, Ratnagiri and Shivamogga.
The two prime reasons for high rates of petrol and diesel in pumps are increasing international oil rates with the excessive domestic tax structure.
As per executives working in state-owned oil marketing companies, pump prices have also risen as companies are recovering their past revenue losses such as the one suffered for 66 days since 27th February when due to assembly elections in four states and a union territory, rates were not raised.
State-run retailers had declined the prices of petrol and diesel by 77 and 74 paise a litre respectively in small four steps during the 66-day pause on rate hike. Starting May 4, full gains to the consumers were reversed in the first four consecutive rounds of rate hikes.