Fuel prices hiked after a day's gap; petrol rate nears Rs 106-mark in Mumbai

Petrol and diesel rates were hiked again on Sunday, taking fuel prices across the country to a new record high.

Petrol price was hiked by a steep 35 paise per litre and diesel 18 paise a litre, according to a price notification of state-owned fuel retailers.

Rates have been increased across the country and differ from state to state depending on the incidence of value-added tax.

In Mumbai, where petrol price crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 105.58 per litre on Sunday. Diesel price also increased in the city by 19 paisa per litre to reach Rs 96.91 a litre, the highest among metros.

The price of petrol and diesel in Chennai was Rs 100.44 and Rs 93.91 per litre respectively and Rs 99.45 and Rs 92.27 per litre in Kolkata.

The hike on Sunday is the 34th increase in prices since May 4, when state-owned oil firms ended a 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal. In 34 hikes, the price of petrol has risen by Rs 9.11 per litre. Diesel rates have soared by Rs 8.63 a litre.

Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates. International oil prices have climbed in recent weeks on optimism of a quick recovery in fuel demand. Brent crude touched the USD 75 per barrel mark, the first time since April 2019.