Its price has been steadily increasing since the last week
The price of a litre of petrol on Tuesday crossed the ₹100-mark in Vijayawada and other parts of the State. The price had already crossed ₹100 in cities like Guntur and breached the psychological barrier in Vijayawada on Tuesday. Premium petrol costs ₹104 per litre.
The prices were increased by about 25 paise taking the price of petrol to over ₹100 a litre. In fact, an average increase of 25 paise has been witnessed in the last three days. The unabated increase in the price of petrol and diesel has exacerbated since the last week of April, when the election process in five States concluded.
A year ago, people used to get close to one and half litres for ₹100. The price was about ₹74 a litre as on May 21, 2020. Similarly, diesel price was about ₹68.
According to information, prices vary from city to city in the State. However, petrol costs slightly above ₹99 in Visakhapatnam. Its costs is ₹100.40 in Vijayawada, ₹100.68 in Guntur, and ₹100 plus in Kurnool. The Steel City is at an advantage because of the location of a refinery there. Vijayawada too enjoys an advantage because of the location of a storage terminal at Kondapalli.
Those tanking up on diesel are also not spared of the price hike either. An average increase of about 20 paise per litre of diesel is witnessed in the State.
Fuel prices differ from State to State depending on the incidence of local taxes such as VAT and freight charges. Oil companies revise rates of petrol and diesel every day based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates.
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