Fuel prices hiked for second consecutive day; petrol rate nears Rs 107-mark in Mumbai
Photo Credit: ANI

Petrol and diesel prices were hiked for the second straight day on Thursday in line with firming international oil trends.

Petrol price was increased by 31-39 paise per litre and diesel by 9-15 paise a litre, according to a price notification of state-owned fuel retailers.

In Delhi, petrol now costs Rs 100.56 a litre and diesel is priced at Rs 89.62 per litre.

Fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges.

In Mumbai, where petrol price crossed Rs 100 mark for the first time ever on May 29, the fuel price reached a new high of Rs 106.59 per litre on Thursday. Diesel price also increased in the city by 9 paise per litre to reach Rs 97.18 a litre, the highest among metros.

The price of petrol and diesel in Chennai was Rs 101.37 and Rs 94.15 per litre respectively and Rs 100.62 and Rs 92.65 per litre in Kolkata.

With the price rise, fuel rates have been revised upwards in 36 out of 67 days between May, June and July.

With global crude prices also rising on a pick up demand and depleting inventories of world's largest fuel guzzler - the US, retail prices of fuel in India are expected to firm up further in coming days. The benchmark Brent crude reached multi-year high level of over $75 on ICE or Intercontinental Exchange.

Global crude oil price is now hovering around $75 a barrel. It was over $80 a barrel in October 2018 but even then, the petrol prices hovered around Rs 80 a litre across the county. So, even with lower oil prices now, petrol prices have hit century and crossed it by a wider margin now in several parts of the country.

(With inputs from Agencies)

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