State-run oil marketing companies (OMCs) have hiked the fuel prices again on Monday (May 31) as petrol rates reached Rs 100.47 per litre in India's financial capital Mumbai. Diesel rates rose by 28 paise and reached Rs 92.45 per litre in Mumbai. With an increase of 29 paise, petrol prices stood at Rs 94.23 per litre in Delhi while diesel was jacked up by 26 paise and reached Rs 85.15 per litre in the national capital.
One needs to shell out Rs 94.25 for a litre of petrol in Kolkata whereas a litre of diesel costs Rs 88 in the city. In Chennai, petrol and diesel rates were hiked by 25 paise and reached Rs 95.76 per litre and Rs 89.90 per litre, respectively.
Petrol is the costliest in Rajasthan, followed by Madhya Pradesh and Maharashtra. Petrol surged to Rs 105.24 per litre in Rajasthan's Sriganganagar. In Hanumangarh, citizens need to pay Rs 104.24 for a litre of petrol, according to IOC data.
Bhopal became the first capital city in India where petrol crossed the Rs 100-mark. At present, citizens in Bhopal need to shell out Rs 102.34 per litre for petrol. Jaipur became the second capital city in India where petrol is priced over Rs 100 a litre. The price stands at Rs 100.81.
Petrol and diesel rates are revised daily on the basis of value-added tax (VAT), 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 charge the highest VAT on petrol across the country.
On the other hand, global oil prices rose on Monday on bright outlook for fuel demand in the coming quarter as investors look forward to the OPEC+ meeting this week for supply-related announcements. Brent crude futures for August went up by 7 cents or 0.1 per cent to $68.79 per barrel while US West Texas Intermediate for July went up by 13 cents or 0.2 per cent to $66.45 per barrel, Reuters reported.
Edited by Mehak Agarwal
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