Fuel price hike: Petrol crosses Rs. 110/liter in Mumbai
Petrol and diesel prices across the country soared to a record high on Sunday after the rates were hiked for the sixth consecutive day. Among major cities, fuel rates remained the highest in Mumbai, where petrol crossed the Rs. 110 per liter mark. Notably, fuel prices vary across states due to different value-added taxes or VAT. Here are more details.
Petrol prices crossed Rs. 104/liter in Delhi
After the latest hike, petrol has crossed the Rs. 104 mark in Delhi. Petrol will cost Rs. 104.14 per liter in the national capital after it was hiked by 30 paise from Rs. 103.84 per liter. Similarly, diesel prices were hiked by 35 paise to Rs. 92.82 per liter. Compared to other major cities, petrol prices in Delhi were the third highest.
How much does fuel cost in other major cities?
In Mumbai, petrol is now retailing at Rs. 110.12/liter after rates were hiked by 29 paise. Diesel prices were hiked by 37 paise to cost Rs. 100.66/liter. In Kolkata, petrol and diesel rates stood at Rs. 104.80/liter and Rs. 95.93/liter, respectively. In Chennai, petrol and diesel are now retailing at Rs. 101.53/liter and Rs 97.26/liter, respectively.
How are fuel rates decided in India?
Fuel prices in India depend mainly on two major factors: crude oil prices in the international markets and the rupee-dollar exchange rates. State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise fuel rates on a daily basis taking these factors into account. The revised petrol and diesel prices are implemented with effect from 6 am every day.
Increase in global crude oil prices major reason for hike
As India is a net importer of oil, any fluctuation in global crude oil prices heavily impacts its domestic prices. The latest hike in domestic prices comes after the international benchmark Brent crude shot to over $82 per barrel. Oil prices are witnessing a global price rise after OPEC+ decided not to increase output by more than 0.4 million barrels per day.