Petrol hits record Rs 99.71/litre in Mumbai after another fuel price hike

Petrol price inched towards the Rs 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 a 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 Rs 93.44 a litre and diesel to Rs 84.32 a litre.

In Mumbai, petrol price climbed to Rs 99.71 a litre and diesel to Rs 91.57 per litre.

Rates had already crossed the Rs 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 state-owned 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 Rs 104.42 per litre and Rs 97.18 a litre, respectively.

In 13 increases, petrol price has risen by Rs 3.04 per litre and diesel by Rs 3.59.