Fuel prices hit all-time high; petrol rate crosses Rs 98-mark in Mumbai
Photo Credit: PTI

Maintaining its rising trend, petrol and diesel prices on Friday were hiked after a gap of a day.

Petrol price was hiked by a steep 29 paise per litre and diesel by 34 paise a litre, according to a price notification by state-owned fuel retailers.

After today’s hike, petrol prices in Delhi rose to Rs 92.34 per litre against Rs 92.05 on Thursday, while diesel price soared to Rs 82.95 per litre as compared to Rs 82.61 a litre on Thursday.

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

In Mumbai, the price of petrol and diesel stood at Rs 98.65 and Rs 90.11 per litre respectively.

The price of petrol and diesel in Chennai was Rs 94.09 and Rs 87.81 per litre respectively and Rs 92.44 and Rs 85.79 per litre in Kolkata.

Petrol prices in some states including Rajasthan, Madhya Pradesh and in some places in Maharashtra have breached the Rs 100 per litre mark while premium petrol has been hovering above that level for some time now.

Before Thursday's price hold, fuel prices increased for three consecutive days this week up to Wednesday. Petrol and diesel prices also increased on four consecutive days last week

Petrol prices have increased by Rs 1.50 a litre Delhi in May in the seven increases so far. Similarly, diesel prices have risen by Rs 1.88 per litre in capital this month.

Oil companies, that in recent months resorted to an unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on April 15. This coincided with electioneering hitting peak to elect new governments in five states including West Bengal.

No sooner had voting ended, oil companies indicated an impending increase in retail prices in view of the firming trend in international oil markets. They said prices have been on a continuous uptrend since April 27.

Central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. The union government levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 on diesel.

(With inputs from Agencies)

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