Petrol price in Mumbai has crossed Rs 103-per-litre mark in Mumbai on Friday, its highest level ever. After a day’s hiatus, the state-run oil marketing companies have revised the fuel prices on June 18. While petrol has become expensive by up to 26-27 paise, diesel is costlier by up to 28-30 paise on June 18, according to Indian Oil Corporation.
Fuel prices have been increasing since the beginning of last month. State-run companies resumed daily revisions on May 4 after an over 18-day halt. Since then petrol has risen by around Rs 6 per litre and diesel by around Rs 7 a litre. Thanks to consistent hike in the last one month, the retail price of petrol is above Rs 100-per-litre mark in at least 7 states and union territories — Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Ladakh and Karnataka.
Mumbai on May 29 became the first metro in the country where petrol was being sold at over Rs 100 a litre. Petrol now costs Rs 103.8 for a litre and diesel at Rs 95.14 per litre.
Hyderabad is the second metro city to see Rs 100 per litre petrol price. After today’s revision, a litre of petrol is priced at Rs 100.74 for a litre and diesel is being sold at Rs 95.59 per litre.
Bengaluru also joined the list where the petrol had touched Rs 100-a-litre mark. In the capital of Karnataka, a litre of petrol will cost Rs 100.17. For diesel, you have to pay Rs 92.97 for a litre.
Sri Ganganagar district of Rajasthan near the India-Pakistan border was the first place in the country to see petrol hitting Rs 100 a litre mark in mid-February and on Saturday it also earned the distinction of diesel crossing that psychological mark. Petrol in the city is sold at Rs 108.07 a litre — the highest rate in the country, and diesel comes for Rs 100.82.
In Delhi, petrol rate has jumped to Rs 96.93 for a litre. The retail price of diesel has climbed to Rs 87.69 for a litre on Friday.
Fuel rates differ from state to state depending on the incidence of value-added tax (VAT). The price of auto fuel in India depends on international crude oil prices, rupee-dollar exchange rate. Oil marketing companies like the Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum Corporation Limited revise the rates daily.
Oil prices fell for a second consecutive day on Friday as the U.S. dollar soared on the prospect of interest rate hikes in the United States, but were nevertheless on track to finish the week flat — only slightly off multi-year highs. Brent crude futures were down 52 cents, or 0.7%, at $72.56 a barrel as of 0227 GMT, extending a 1.8% decline on Thursday, according to Reuters. US West Texas Intermediate (WTI) crude futures were down 48 cents, or 0.7%, at $70.56 a barrel, after retreating 1.5% on Thursday.
The Parliament standing committee on petroleum and natural gas affairs discussed the rising fuel prices on Thursday. Union petroleum minister Dharmendra Pradhan earlier said the high petrol and diesel prices cannot be brought down as central and state governments need additional money from the taxes on petrol and diesel to meet expenses for fighting pandemic as well as development work.