In the last few days, petrol and diesel prices across India have remained relatively stable, with only minor fluctuations here and there. However, the Karnataka government recently made a significant decision regarding fuel prices. On June 16, Sunday, Karnataka's Congress government announced a hike in petrol and diesel prices to generate additional revenue for the state. Let's delve into the details and understand the implications.
Fuel Price Hike Details 🛢️
According to Karnataka's Finance Department, the petrol price has been increased by ₹3 per liter, raising it from ₹99.84 to ₹102.84 in Bengaluru. Similarly, the diesel price has been increased by ₹3.02 per liter, going from ₹85.93 to ₹88.95.
Increased Sales Tax 📈
The notification stated that the sales tax on petrol was increased from 25.92% to 29.84%, and on diesel, from 14.3% to 18.4%. This significant increase in sales tax directly impacted the retail prices of petrol and diesel across the state.
Concerns in Andhra Pradesh and Telangana 🌐
With the Congress government in Karnataka making this move, there are concerns among vehicle owners in Andhra Pradesh and Telangana about potential price hikes in their states as well. Despite these concerns, no announcements or discussions about increasing fuel prices have been made in the Telugu states. Currently, the prices have seen only minor variations, with Vijayawada witnessing a slight increase of ₹0.07 for both petrol and diesel compared to two days ago, while prices in Hyderabad remain unchanged.
Current Fuel Prices in Major Cities 🏙️
Hyderabad: Petrol - ₹109.41, Diesel - ₹95.46
Warangal: Petrol - ₹106.84, Diesel - ₹95.11
Vijayawada: Petrol - ₹109.65, Diesel - ₹97.49
Delhi: Petrol - ₹94.72, Diesel - ₹87.62
Mumbai: Petrol - ₹104.21, Diesel - ₹92.15
Chennai: Petrol - ₹100.75, Diesel - ₹92.34
Kolkata: Petrol - ₹103.94, Diesel - ₹90.76
Looking Ahead 📅
Before the recent general elections, the central government had reduced fuel prices by more than ₹2 nationwide. With Narendra Modi recently sworn in for a third term as Prime Minister, vehicle owners are hopeful that petrol and diesel prices will be reduced again. Reports from leading media outlets suggest that falling crude oil prices in the global market may lead to significant reductions in fuel prices in the coming days.
Dynamic Fuel Pricing System ⏰
Since June 2017, India has adopted a dynamic fuel pricing system, where petrol prices are revised daily. Before this, fuel companies used to revise prices every fortnight. Now, petrol and diesel rates are updated daily at 6 AM, reflecting changes in international crude oil prices.
