Petrol prices crossed the Rs 100 mark in Mumbai on May 31. Up by 11%, the price for a litre reached Rs 100.47 (USD 1.39) in the city. As per Bloomberg calculations, this cost is twice as much as what a New Yorker pays (USD 0.79). Due to repeated hikes in sales tax by the administration, fuel prices in India have surged six-fold since 2013. Levies make up approximately 60% of the retail price of petrol and diesel. The steep increase in taxes has come as demand for both fuels has gone down in the post-covid era. Sales of both petrol and diesel are about a third lower when compared to pre-covid figures of 2019. Nationwide lockdowns against the pandemic have led to plummeting sales.
Jun 01, 2021, 03:20PM ISTSource: TOI.in