Fuel Prices in India: Fresh prices for petrol and diesel have been announced on Sunday, June 16, shortly after the Karnataka state government led by Congress’ Siddaramaiah hiked taxes on fuel, in order to ‘to generate additional revenue for the state’, as per the Finance Department of Karnataka.
With the latest tax hike on fuel, petrol prices have risen by ₹3 per litre, reaching ₹102.84 in Bengaluru, up from the previous rate of ₹99.84. Similarly, diesel prices have increased by ₹3.02 per litre, now costing ₹88.95, up from ₹85.93.
According to the notification, the sales tax on petrol has been increased from 25.92 per cent to 29.84 per cent, while the tax on diesel has risen from 14.3 per cent to 18.4 per cent by the state government. This significant increase in the sales tax has directly impacted the retail prices of both petrol and diesel across the state.
The fuel price hike is likely to have a ripple effect on various sectors, including transportation and goods distribution, potentially leading to increased costs for consumers. With the announcement, it was said that petrol and diesel prices are likely to go up by ₹3 and ₹3.05 approximately in Karnataka as the state government decided to increase taxes on June 15, according to the Petroleum Dealers Association.
The central government last lifted the freeze on retail prices of petrol and diesel on March 15, 2024, for the first time in two years, ahead of the then-expected schedule announcement for the Lok Sabha elections 2024. Before this, rates were last revised in April 2022.
With effect from Friday, March 15, prices of petrol and diesel were reduced by ₹2 per litre across all states. The fuel price reduction came one week after cooking gas or liquified petroleum gas (LPG) prices were cut by ₹100 per cylinder and for the free connection cylinders under the Ujjwala scheme.
As of June 16, the cost of petrol in Delhi is ₹94.72 per litre and diesel is priced at ₹87.62 per litre. The petrol price in Mumbai continued to exceed the ₹100 mark, reaching ₹104.21 per litre, while diesel was priced at ₹92.15 per litre. After the latest fuel price hike in Karnataka, here’s how much petrol and diesel costs in your city:
Petrol Diesel Price Today In India (Check city-wise rates below):
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Published: 16 Jun 2024, 06:56 PM IST
