Petrol and diesel prices are at all-time high in India. The domestic fuel prices have been on a steep rise since the beginning of May. After a gap of 18 days, state-run oil marketing companies had resumed daily revisions of fuel prices on May 4. Since then, petrol price has increased by Rs 10.88 per litre and diesel by Rs 9.47.
Petrol price has breached ₹100-for-a-litre mark in at least 19 states and Union Territories in the country — Maharashtra, Delhi, West Bengal, Tamil Nadu, Andhra Pradesh, Telangana, Rajasthan, Madhya Pradesh, Karnataka, Uttar Pradesh, Haryana, Jammu and Kashmir, Odisha, Ladakh, Bihar, Kerala, Punjab, Sikkim and Nagaland.
The price of auto fuel in India depends on international crude oil prices, rupee-dollar exchange rate. Moreover, the central government and states levy various taxes — excise duty and Value Added Tax (VAT) on petrol and diesel. Dealer’s commission and freight charges are also added in the fuel price. It must be noted that petrol and diesel do not come under the purview of goods and services tax (GST).