After Mumbai, petrol is close to ₹100/lt in Bengaluru

Fuel price surge continued unchecked for the 22nd time in 39 days, making petrol costlier by 29 paise per litre and diesel by 28 paise on Friday, leading to ₹99.05 a litre pump price of petrol in Bengaluru, the second metro that is about to touch the ₹100-mark after Mumbai.

Diesel price is also inching towards ₹100 a litre for the first time in the country as it is sold at ₹99.80 per litre in Rajasthan’s Ganganagar on Friday. The city now sells petrol at ₹106.94 per litre, the highest in the country.

The latest hike took auto fuel rates to yet another record across the country. While fuel rates in Delhi are the benchmark for the entire country, retail prices of the two fuels differ from place to place because of difference in state taxes and local levies.

The biface upward movement since May 4 saw petrol split ₹100 mark in various cities over the country, especially in Maharashtra, Rajasthan, Andhra Pradesh, Madhya Pradesh and Karnataka.

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States where Petrol price have raised to Rs100

Some of the cities selling petrol for over ₹100 per litre are Mumbai, Ratnagiri, Parbhani, Aurangabad, Jaisalmer, Ganganagar.

Mumbai has the highest fuel rates amid metros. Petrol is currently sold at ₹102.04 per litre in the financial capital and diesel at ₹94.15 a litre.

Rushing international oil rates and exorbitant domestic tax structure are key reasons for high rates of petrol.

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Indian fuel retailers range pump prices of petrol and diesel with their international benchmark rates of previous day. While it went up 0.42% at $72.52 a barrel on Thursday, it fell 0.4% at $72.24 on early Friday trade.

Pump prices of fuels are also high because of taxes. In Delhi, central levies account for 34.8% of petrol’s price and state taxes, 23.08%, according to an official data of June 1. On diesel, central taxes are over 37.24% while state taxes are about 14.64%. Through 2020, as global crude prices fell, the central government raised excise duty on the fuel to shore up its finances. States too followed suit — with revenues hit on account of the pandemic.

For example, despite Brent crude had plunged to $65.11 on May 20, the lowest in these 34 days; petrol and diesel rates went up the next day by 19 paise per litre and 29 paise a litre respectively.

The government deregulated the pricing of petrol on June 26, 2010 and diesel on October 19, 2014. So state-run retailers are free to change pump prices every day.

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