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Fuel prices hiked for 14th time since May 4; petrol inches closer to Rs 100-mark in Mumbai

Fuel rates today: Petrol rates inched closer towards the Rs 100-mark in India's financial capital Mumbai

Petrol in the mega city costs Rs 99.94 per litre and diesel Rs 91.87 per litre Petrol in the mega city costs Rs 99.94 per litre and diesel Rs 91.87 per litre

Petrol prices were hiked by 24 paise and diesel by 30 paise after the 14th hike in fuel rates since May 4.

Due to this hike, petrol price went up to Rs 93.68 per litre and diesel to Rs 84.61 per litre in Delhi. Petrol rates inched closer towards the Rs 100-mark in India's financial capital Mumbai. Petrol in the mega city costs Rs 99.94 per litre and diesel Rs 91.87 per litre.

Citizens in Kolkata will have to pay Rs 95.28 per litre for petrol, while petrol costs Rs 93.72 per litre in Chennai. Diesel sells for Rs 87.46 per litre in Kolkata, whereas, in Chennai, citizens will have to pay Rs 89.36 per litre for diesel.

Petrol rates have already crossed the Rs 100-mark in several parts of Madhya Pradesh, Maharashtra and Rajasthan. Bhopal became the first capital where petrol prices crossed the Rs 101-mark and went up to Rs 101.77 per litre.

Petrol crossed the Rs 104-mark in Rajasthan's Sriganganagar (Rs 104.67 per litre) and Hanumangarh (Rs 103.97 per litre).

State-backed oil companies revise petrol and diesel rates on the basis of local taxes like value-added tax (VAT) and freight charges, the average price of benchmark fuel in the global market in the past 15 days and foreign exchange rates. States like Rajasthan, Madhya Pradesh and Maharashtra levy the highest VAT on petrol across India.

On the other hand, global oil prices fell on Thursday as the optimistic sentiment over the summer driving season in the United States and Europe is likely to offset the concerns over demand in India and a potential supply increase from Iran. Brent crude, which has traded between $68 and $69 for most of the week, fell down by 44 cents to $68.43 per barrel, Reuters reported.

Edited by Mehak Agarwal

Also read: Fuel rates jacked up for 12th time since May 4; petrol costliest in Rajasthan's Sriganganagar

Also read: Fuel rates hiked for 13th time in May; petrol touches Rs 104.01 per litre in Rajasthan's Ganganagar