Petrol crosses ₹100 in Bihar after another round of price hike

Petrol price soared past ₹100-a-litre mark in Bihar after fuel prices were hiked again on Sunday on the back of a surge in international oil rates.

Petrol price was hiked by 35 paise per litre and diesel by 25 paise, according to a price notification of state-owned fuel retailers.

The increase, second in as many days and 31st in less than two months, took rates across the country to fresh highs with Bihar becoming the latest state to see petrol cross ₹100-a-litre mark.

Petrol and diesel prices were hiked by 35 paise per litre each on Saturday.

In Delhi, petrol hit an all-time high of ₹98.46 a litre, while diesel is now priced at Rs 88.90 per litre.

Fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges.

While petrol had crossed ₹100-a-litre mark in Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, Odisha, Tamil Nadu and Ladakh, several towns in Bihar saw that level after the steep price hike.

In Patna, petrol now comes for ₹100.47 a litre and diesel is priced at ₹94.24 a litre.

Among metro cities, petrol is already above ₹100 in Mumbai, Hyderabad and Bengaluru.

In Mumbai, petrol now costs ₹104.56 a litre and diesel comes for ₹96.42.

Rates of diesel, the most used fuel in the country, have crossed the ₹100-a-litre mark in Sri Ganganagar and Hanumangarh in Rajasthan as well in a couple of places in Odisha.

The hike on Sunday is the 31st increase in prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.

In 31 hikes, the price of petrol has risen by ₹8.06 per litre and diesel by ₹8.37 a litre.

Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates.

International oil prices have climbed in recent weeks on optimism of a quick recovery in fuel demand. Brent crude soared past the USD 75 per barrel mark, the first time since April 2019.

Source

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