Petrol price nears ₹100 in Mumbai after a 23 paise rise
NEW DELHI: Petrol price inched towards the ₹100-mark in Mumbai on Tuesday after fuel rates were hiked again.
Petrol price was increased by 23 paise per litre and diesel by 25 paise per litre, according to a price notification of state-owned fuel retailers.
The hike—13th this month— pushed petrol and diesel prices to record-high levels across the country.
Petrol price in Delhi rose to ₹93.44 a litre and diesel to ₹84.32 a litre. In Mumbai, petrol price climbed to ₹99.71 a litre and diesel to ₹91.57 per litre.
Rates had already crossed the ₹100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra and with the latest increase, the price in Mumbai too was inching towards that level.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh and Maharashtra.
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 13th increase in prices since May 4, when the stateowned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.
Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at ₹104.42 per litre and ₹97.18 a litre, respectively.
In 13 increases, petrol price has risen by ₹3.04 per litre and diesel by ₹3.59.
In the international market, oil prices rose for a third day on Tuesday, holding around oneweek highs after jumping more than 3% the previous session as investors tempered previous expectations of an early return of oil exporter Iran to international crude markets, news agency Reuters reported earlier in the day.