Fuel prices touch new highs; petrol rate nears Rs 100-mark in Mumbai

Petrol price inched towards the Rs 100-mark in Mumbai on Thursday after fuel rates were hiked again.

Petrol price was increased by 24 paise per litre and diesel by 29 paise a litre, according to a price notification of state-owned fuel retailers.

The hike - 14th this month - pushed petrol and diesel prices to record-high levels across the country.

After today’s hike, petrol prices in Delhi rose to Rs 93.68 per litre against Rs 93.44 on Wednesday, while diesel price soared to Rs 84.61 per litre as compared to Rs 84.32 a litre on Wednesday.

In Mumbai, petrol is now being sold at Rs 99.94 a litre just one increase short of crossing another milestone of Rs 100. Diesel in the country’s financial capital costs Rs 91.87 per litre.

In Chennai, petrol is priced at Rs 95.28 per litre while the price of diesel is Rs 89.39 per litre. The price of petrol in Kolkata is Rs 93.72 per litre while diesel is sold at Rs 87.46 per litre.

Oil companies revise rates of petrol and diesel daily based on average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

This is the 14th increase in prices since May 4, when the state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.

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Free Press Journal