Fuel prices in Tuensang Headquarter on June 1 as per the IndianOil One. (Screenshot)
Morung Express News
Dimapur | June 1
With fuel prices rising for the second consecutive day, petrol was retailing at record Rs 94.19 a litre on June 1, up 25 paise from May 31.
Diesel cost also increased by .23 paise and was selling at Rs 88.25 a litre on Tuesday.
Earlier, The Morung Express had reported petrol price reached the record level of Rs 93.94 a litre in Kohima on May 31, breaking the previous high of Rs 93.93 per litre in February this year.
Meanwhile, petrol was costliest in Tuensang at Rs 96.36 a litre on Tuesday while a litre of diesel was retailing at Rs 90.25 in the district.
Premium petrol in Tuensang was just .6 paise away from reaching psychological Rs 100-mark and retailing at Rs 99.92 a litre on June 1, according to data on the IndianOil One, the official app of the Indian Oil Corporation Ltd on fuel related matters.
Fuel was cheapest in commercial capital Dimapur at Rs 87.48 a litre for diesel and Rs 93.24 a litre for petrol. Premium petrol was selling at Rs 96.80 and Rs 97.75 a litre respectively in Dimapur and Kohima on Tuesday.
It remains to be seen whether the Oil marketing companies (OMCs) continue the pattern of revising the price on every alternate day in the month of June.
According to the IANS news agency, fuel prices increased on 16 days and remained unchanged on 15 days in the month of May.
Under daily price revision, OMCs revise petrol and diesel prices every morning benchmarking retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate but with global crude prices rising again to around $70 a barrel mark, OMCs may have to keep revising prices upwards for some more time, it said.
Besides, retail prices are determined by central and state tax policy, dealer’s commissions as well as other related charges, including transportation.
