Fuel prices hiked after a day's gap; petrol rate nears Rs 105-mark in Mumbai

Petrol and diesel rates were hiked again on Tuesday, taking fuel prices across the country to a new record high.

Petrol price was hiked by a steep 35 paise per litre and diesel 28 paise a litre, according to a price notification of state-owned fuel retailers.

In Delhi, petrol hit an all-time high of Rs 98.81 a litre, while diesel is now priced at Rs 89.18 per litre.

Rates have been increased across the country and differ from state to state depending on the incidence of value-added tax.

In Mumbai, where petrol price crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 104.90 per litre on Tuesday. Diesel price also increased in the city by 30 paisa per litre to reach Rs 96.72 a litre, the highest among metros.

The price of petrol and diesel in Chennai was Rs 99.80 and Rs 93.72 per litre respectively and Rs 98.64 and Rs 92.03 per litre in Kolkata.

The hike on Tuesday is the 32nd increase in prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal. In 32 hikes, the price of petrol has risen by Rs 8.41 per litre and diesel by Rs 8.65 a litre.

Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates. International oil prices have climbed in recent weeks on optimism of a quick recovery in fuel demand. Brent crude soared past the USD 75 per barrel mark, the first time since April 2019.

(With inputs from Agencies)

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