Fuel prices rise for 12th day; petrol at all-time high of Rs 97 in Mumbai

Petrol price on Saturday touched an all-time high of Rs 97 per litre in Mumbai while diesel rate crossed Rs 88 -mark.

Petrol price was hiked by record 39 paise per litre and diesel by 37 paise a litre, according to a price notification of state-owned fuel retailers.

This the 12th straight day of price hike and the largest daily increase since oil companies started to revise rates on a daily basis in 2017.

The increase pushed the petrol price to Rs 90.58 a litre in Delhi and to Rs 97 in Mumbai.

Diesel now comes for Rs 80.97 a litre in the national capital and for Rs 88.06 in Mumbai.

The increase follows a spurt in oil prices in the international market, on which India is dependent to meet its 85 per cent of the needs. Brent oil crossed USD 65 a barrel this week as a worsening US energy crisis took out almost 40 per cent of the nation's crude production.

In 12 days, retail petrol prices have risen by Rs 3.63 a litre, a record since the pricing was deregulated in 2010, and diesel rates have gone up by Rs 3.84.

Petrol price has already surged past the Rs 100-mark in some places in Rajasthan and Madhya Pradesh, which levy the highest VAT on the fuel.

Retail pump prices differ from state to state depending on the local taxes (VAT) and freight.