Petrol crosses Rs 100/l in Mumbai after 15th hike

Petrol price on Saturday crossed the Rs 100-a-litre mark in Mumbai after the 15th increase in fuel prices this month.

Petrol price was increased by 26 paise per litre and diesel by 28 paise a litre, according to a price notification of state-owned fuel retailers.

The increase – 15th this month – took petrol and diesel prices to a fresh all-time high across the country.

The price of petrol, which had already crossed the Rs 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra, breached the psychological barrier in Mumbai on Saturday.

Petrol now costs Rs 100.19 a litre in Mumbai and diesel comes for Rs 92.17 per litre.

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.

In Delhi, the petrol price rose to Rs 93.94 a litre and diesel to Rs 84.89.

This is the 15th increase in prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.

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.

Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at Rs 104.94 per litre and Rs 97.79 a litre, respectively.

In 15 increases, petrol price has risen by Rs 3.54 per litre and diesel by Rs 4.16.