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Thursday, March 4, 2021

Preparing to hit Patrol Century! Prices rise again after a three-day break

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New Delhi: After three days, petrol and diesel prices have been hiked across the country once again today. With this increase, the price of petrol in Mumbai has gone up to Rs 93.83 per liter, while in the capital Delhi it has crossed the Rs 87 level. Today, the price of both petrol and diesel has gone up by 35 paise. Due to the continuous rise in petrol prices, cities like Mumbai and Delhi are in a position to hit the century at any time.

Petrol price in Ahmedabad has reached an all-time high of Rs 84.57, and is now set to break the Rs 85 level. In Surat, the price is Rs 84.24 today. In Rajkot, petrol has gone up to Rs 84.35 per liter after today’s hike. Before the price hike today, petrol was last hiked by 30 paise on February 05.

In 2021, the price of petrol has gone up by Rs. 3.59 while diesel has gone up by Rs 3.61 so far. Brent crude, on the other hand, rose to 60 60 on Monday. Crude has reached a one-year high as demand for corona eases and demand increases as vaccinations begin.

Last week, HPCL chief Mukesh Kumar said that in addition to the shortfall in supply compared to the demand in the international market, crude prices were rising unexpectedly as Saudi Arabia cut production. He also said that barely 25-30 per cent of the price of petrol and diesel sold at retail pumps is based on the price of crude, while the rest is taxed by the states and the central government.

In a written reply to the Rajya Sabha last week, Petroleum Minister Dharmendra Pradhan said that the central government levies a tax of Rs 32.98 per liter on petrol in Delhi, while the state government levies VAT of Rs 19.55 on it. The central government levies VAT on diesel at Rs 31.83 and the state government at Rs 10.99.

Apart from this, the petrol pump operator gets a commission of Rs 2.6 per liter on petrol and Rs 2 on diesel. Petrol at retail pumps has gone up by Rs 17.71 per liter since March 2020, and is still rising. Diesel, on the other hand, has gone up by Rs 15.19 during the same period.

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