Petrol price in Nagaland’s six districts was close to touching Rs.100-mark on Saturday after the state-owned oil marketing companies (OMCs) increased the prices of petrol and diesel after a day’s pause.
In one of the steepest hike in recent times, OMCs Saturday increased the prices of petrol and diesel by 35 paise per litre pushing the prices of the two auto fuels to historic highs across the country. According to IOCL website, price of xtrapremium petrol in Tuensang and Mon has already increased to Rs.103.43 per litre and Rs.102.99 per litre respectively.
The hike on Saturday is the 30th increase in prices since May 4. In 30 hikes, the price of petrol has risen by Rs 7.71 per litre and diesel by Rs 8.12 a litre.
Fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges.
While petrol had crossed Rs 100-a-litre mark in Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, Odisha, and Ladakh, several towns in Tamil Nadu including Salem, Vellore and Cuddalore saw that level after the steep price hike.
Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates.
Oil prices have climbed on optimism of a quick recovery in fuel demand. Brent crude soared past the USD 75 per barrel mark, the first time since April 2019, stated PTI report.