Fuel prices hit all-time high; petrol rate nears Rs 99-mark in Mumbai

After a day's hiatus, petrol and diesel prices were hiked again on Sunday.

Petrol price was hiked by 24 paise per litre and diesel by 27 paise a litre, according to a price notification by state-owned fuel retailers.

After today’s hike, petrol prices in Delhi rose to Rs 92.58 per litre against Rs 92.34 on Saturday, while diesel price soared to Rs 83.22 per litre as compared to Rs 82.95 a litre on Saturday.

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 98.88 and Rs 90.40 per litre respectively.

The price of petrol and diesel in Chennai was Rs 94.31 and Rs 88.07 per litre respectively and Rs 92.67 and Rs 86.06 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.

Fuel prices have now increased on five of the last six days rising continuously from Monday to Wednesday, pausing on Thursday and again rising on Friday before a pause again on Saturday. Prior to holding back auto fuel prices on Saturday and Sunday last week, its pump rates had also increased sharply on the previous four days as well.

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 a 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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