Prices of petrol saw a rise in the country on Sunday. Fuel prices are witnessed with a steep rise nowadays. It is a record-breaking moment with petrol crossing such a high rate. In Mumbai, petrol now costs Rs. 91.08. Maharashtra is noted as the highest fuel cost among all the states as it has the highest VAT charges. Mumbai is charged with 25 percent of VAT on petrol. The prices of diesel were also increased by Rs. 0.32 in Mumbai and costs Rs. 79.72 per liter.
Petrol prices in the cities like Delhi, Kolkata and Chennai on Monday are at a new record of Rs.83.73, Rs. 85.53 and Rs. 87.05 per liter respectively, higher than the previous prices of Rs. 83.49, Rs. 85.30 and Rs. 86.80 on Sunday.
Delhi has lower fuel rates because of lower taxes. The increase in petrol charges results in an increase of crude oil prices.
According to the Indian Oil Corporation (IOC), the other cities petrol prices rose from Rs. 84.15 to Rs. 84.40 in Bengaluru, Rs. 88.51 toRs. 88.77 in Hyderabad, Rs. 80.36 to Rs. 80.59 in Chandigarh and Rs. 85.29 to Rs. 82.83 in Ahmedabad. In Patna, the price is close to touching Rs. 90. In cities like Aurangabad, Ratnagiri, Latur, Jalgaon, Nanded, and Parbhani petrol has crossed Rs. 90.
The states of Andhra Pradesh, Karnataka, West Bengal, and Rajasthan have reduced the prices of prices in order to reduce the burden of a common man. The issue of high fuel prices will directly result in the flow of inflation.
As per on Monday, domestic cooking prices were hiked by domestic cooking gas (LPG) rates were hiked by Rs 2.89 per 14.2-kg cylinder to Rs 502.40 on account of higher GST applicable on base price, according to oil companies. The price of a non-subsidised LPG in Delhi was hiked by Rs 59 per cylinder due to the change in international price and foreign exchange fluctuations.