After a freeze of over four months, petrol and diesel prices jumped on Tuesday, March 22, in Mumbai and other parts of the state. Incidentally, this also happens twelve days after the assembly election results in five states.
Petrol and diesel prices were hiked by 84 paise and 86 paise respectively at the retail pumps.
Since November 4, petrol price at the retail pumps in Mumbai had been constant at INR 109.98 per litre while diesel stayed at INR 94.14; However, prices now escalated to INR 110.82 and INR 95 per litre. With this, Mumbai attains at the top of the metro cities selling fuels at highest rates.
Meanwhile, the price of petrol in neighbouring Thane and Navi Mumbai has gone up to INR 110.96 while the diesel rate is INR 95.14. In Maharashtra, petrol is the costliest in Parbhani at INR 114.01 per litre, whereas diesel is the most expensive in Amravati at INR 96.6 per litre.
If reports are to be believed the hike is a fallout of a spike in global oil prices, especially after Russia's invasion of Ukraine.
This will put a burden on private car/bike owners and transporters. As per accounts, the city now has 11.9 lakh cars, 25 lakh bikes and 5 lakh heavy goods transport and other vehicles which will be impacted by the hikes.
The prices of petrol and diesel vary from state to state and also in cities, depending on the incidence of local taxes like value-added tax (VAT) and freight charges.
Additionally, the government raised the bulk diesel prices by INR 25 a litre and aviation fuel is up 50 per cent since January.
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