Petrol price breaches Rs.100/L mark in Nagaland

July 16, 2021 52 Views No Comment

DIMAPUR, JUL 16 (NPN) : Petrol price on Thursday breached Rs.100-per litre mark in Nagaland after state-owned oil marketing companies (OMCs) hiked the prices two auto fuels pushing the petrol price to Rs.100.07 per litre in Dimapur. With the latest hike, the price of petrol has now crossed Rs.100-per litre mark across all the districts in Nagaland.

According to a price notification, petrol price was hiked by 35 paise per litre and diesel by 15 paise per litre. The increase comes after rates stayed mute for three days. Petrol price was last hiked on July 12, on a day when diesel rates had seen its first reduction in almost three months.

Since May 4, petrol price has been hiked on 40 occasions while diesel rates have gone up 37 times and have been reduced on one occasion.

According to PTI report, domestic fuel rates are benchmarked to international oil prices as India is 85 per cent dependent on imports to meet its oil needs. International rates have surged since last month on a rebound in consumption.

The relentless price increase has pushed petrol rates above the Rs 100-a-litre mark in most places in 15 states.

Fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges.

Since May last year, petrol price has jumped by Rs 31.95 a litre and diesel by Rs 27.58. The government last year raised excise duty on the two fuels to recoup gains arising from a slump in international oil prices.

Source: http://www.nagalandpost.com/petrol-price-breaches-rs-100-l-mark-in-nagaland/236453.html