Petrol and diesel prices were increased again on Saturday after a day's pause. This is the 15th such fuel price hike in the month of May so far. With this, the petrol rate has crossed the Rs 100 mark in Mumbai for the first time.
Following Saturday's revision, the price of a litre of petrol went up by 26 paise, while diesel became costlier by 30 paise per litre across metros, according to Indian Oil Corporation's (IOC) data.
Mumbai has become the first metropolis in the country where regular petrol is retailing at Rs 100.19 per litre and diesel at Rs 92.17 a litre.
In Delhi, petrol now costs Rs 93.94 a litre, whereas diesel is priced at Rs 84.89 per litre. With 15 fuel rate increases in May so far, petrol and diesel rates have gone up by Rs 3.53 and Rs 4.18 per litre in Delhi.
In Chennai, a litre of petrol and diesel now costs consumers Rs 95.51 and Rs 89.65. In Kolkata, petrol price stands at Rs 93.97 per litre and diesel costs Rs 87.74 a litre.
Meanwhile, the petrol rate has already surpassed Rs 100 in Rajasthan's Sriganganagar and Madhya Pradesh's Bhopal. Fuel prices were not hiked on Friday, a day after being increased sharply across the country. OMCs did not increase fuel rates on Friday after raising them by Rs 25-30 paise per litre on Thursday.
Following Thursday's fuel price hike, petrol shot past Rs 100 in Thane for the first time in Maharashtra. Meanwhile, Jaipur became the second state capital following Bhopal, where petrol price topped Rs 100.
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.
International oil prices
Oil prices pushed higher on Friday, supported by firm US economic data and expectations of a strong rebound in global fuel demand in the third quarter, while concerns eased about the impact of any return of Iranian supplies.
Globally, West Texas Intermediate crude oil gained 0.18 per cent to $66.97 per barrel, while Brent crude traded 0.07 per cent higher at $69.51 per barrel in New York.
Brent crude futures for July gained 16 cents, 0.2%, to $69.62 a barrel by 0050 GMT while US West Texas Intermediate crude for July was at $67.17 a barrel, up 32 cents, or 0.5%.