Fuel prices shot to a new high in the country on June 22, with petrol selling at an all time high of Rs 103.63 for a litre in Mumbai.
Fuel prices have been on a steep hike since the beginning of the last month.
The petrol and diesel companies have revised the rates of petrol and diesel at least 28 times in the last seven week.
Revision of fuel prices is done in line with benchmark international price and foreign exchange rates on a daily basis by Oil Marketing Companies (OMCs) like Shell, Bharat Petroleum Corporation Ltd (BPCL), Essar, Indian Oil Corporation Ltd (IOCL), and Hindustan Petroleum Corporation Ltd (HPCL).
Petrol is retailing over Rs 100 per litre in eight states and union territories -- Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir and Ladakh.?
It is already selling at over Rs 100 in Mumbai, Hyderabad and Bengaluru.
Speaking to news agency ANI, Union Petroleum Minister Dharmendra Pradhan laid out reasons for the recent hikes in prices of petrol and diesel, and highlighted Congress responsibility for the same. "There has been a jump in crude oil prices in the international market. One of the main reasons behind the rise in fuel prices in India is that we have to import 80 per cent of the oil we consume," he said.?
The price of auto fuel in India depends on international crude oil prices, rupee-dollar exchange rate.?
The Centre and the state governments levy various taxes, including excise duty and Value Added Tax (VAT) on petrol and diesel. Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel.?