Fuel prices hiked again; petrol crosses Rs. 100/liter in Mumbai
The prices of petrol and diesel are once again on the rise across the country with Mumbai becoming the first metro city in India to witness the cost of petrol crossing the Rs. 100/liter-mark on Saturday. This is reportedly the 15th hike in fuel rates by the state-run oil marketing companies in the country since May 4. Here's more.
Petrol price at a record-high in Mumbai
The prices of petrol and diesel have been hiked on Saturday by 26 paise and 28 paise a liter, respectively, according to Indian Oil Corporation Limited (IOCL). With this hike, the petrol rate in Mumbai soared to Rs. 100.19/liter, while the cost of diesel increased to Rs. 92.17/liter. In Delhi, meanwhile, prices of petrol and diesel rose to Rs. 93.94/liter and Rs. 84.89/liter, respectively.
Petrol breaches Rs. 95-mark in Chennai
As for the fuel prices in the other metro cities, the cost of petrol increased to Rs. 95.51 per liter while the rate of diesel stood at Rs. 89.65 a liter in Chennai. In Kolkata, the price of petrol rose to Rs. 93.97 a liter and the diesel rate stood at Rs. 87.74 per liter following the latest price revision.
Price of petrol already crossed Rs. 100-mark in several cities
The price of petrol has already breached the Rs. 100/liter-mark in several major cities, including those in Madhya Pradesh and Rajasthan. In India, fuel rates vary from state to state as they depend on the incidence of local taxes like the value-added tax (VAT) and freight charges. Notably, Rajasthan levies the highest VAT on petrol in the country followed by Madhya Pradesh and Maharashtra.
Fuel rates on a rise since beginning of May
Fuel prices have been on a rise in India since May 4 when state-run oil companies resumed domestic fuel rate revisions after an 18-day hiatus observed in view of the Assembly elections in several states including West Bengal, Tamil Nadu, and Kerala, among others.
Revisions in fuel rates come into effect every morning
In India, state-owned oil marketing companies such as IOCL, Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) adjust the domestic fuel prices as per the global crude oil rates by also considering the changes in foreign exchange rates. The revisions in domestic fuel rates come into effect from 6:00 am every day.
Global oil prices witnessed a hike too
Oil prices witnessed a rise in the global market, too, on Friday. International oil benchmark Brent Crude increased by 0.30% to $69.67 a barrel. Meanwhile, continuing its winning streak for the third day, the rupee gained 15 paise against the US dollar settling at 72.45.