Petrol Prices take a hike for the 12th time this month!

Petrol Prices take a hike for the 12th time this month!
August 18, 2022

With every hike in the petrol/ diesel prices, the country sees the highest hit of all time. States like- Rajasthan, Madhya Pradesh and Maharashtra have already witnessed the mark on century when it comes to the petrol prices and a special shout-out to the price in Bhopal, that marks to be ₹101 and not-out.

A litre of petrol in Mumbai is ₹99.49 and diesel is priced at 91.30 per litre.

Based on the benchmark fuel price in the international market in the preceding 15-days and foreign exchange rates, oil companies decided to revise the respective fuel prices for the 12th time in a month.

Fuel prices differ from state to state depending on the incidence of local taxes. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh and Maharashtra.

Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at Rs 104.18 per litre and Rs 96.91 a litre, respectively.

By far, just in the month of May 2021, petrol prices have seen an increase of ₹ 2.81 per litre and ₹3.34 when it comes to diesel.

The practice of daily price revision started after the deregulation of petrol and diesel prices a few years ago, - but it had been done away with by OMCs for the past several months giving a clear indication that the administrative price regime is still working for the sector.

IANS had written earlier that OMCs may begin increasing the retail price of petrol and diesel post-state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices. If this keeps on continuing then, given the pandemic situation, it will become very tough for the common man to survive and they will be bound to make a switch towards efficient transportation.

Evidently soon enough everyone will make a conscious choice to opt for a privileged and energy-efficient solution. Let's not wait for the worst to hit and instead start with small steps towards energy and environment conservation. As the maxim says, ‘now or never’ - it's an opportune time to act and conserve both - nature and funds by switching to e-mobility.

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