Fuel prices touch new highs; petrol crosses Rs 102-mark in Mumbai

Petrol and diesel prices in the country were hiked again by oil marketing companies (OMCs) on Friday after a day’s gap. The hike - 23 since May 4 - took fuel prices across the country to a historic high.

Petrol and diesel prices were hiked by 29 paise each on Friday, according to a price notification by state-owned fuel retailers.

After today’s hike, petrol prices in Delhi rose to Rs 95.85 per litre against Rs 95.56 on Thursday, while diesel price soared to Rs 86.76 per litre as compared to Rs 86.47 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 102.04 and Rs 94.15 per litre respectively.

The price of petrol and diesel in Chennai was Rs 97.19 and Rs 91.42 per litre respectively and Rs 95.80 and Rs 89.60 per litre in Kolkata.

Retail prices have risen after an increase in international oil prices on investors' optimism that improving demand and a dwindling supply glut may mean the market can absorb any additional production from OPEC and its allies. Brent crude, the global oil price benchmark, is nearing USD 72 per barrel for the first time in two years.

The hike on Friday was the 23rd 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 23 increases, petrol price has risen by Rs 5.50 per litre and diesel by Rs 6.10 a litre.

(With inputs from Agencies)

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