Fuel prices reach record high after petrol rises by 27 paise and diesel by 29 paise on May 18
Petrol prices in Mumbai surpassed Rs 99 per litre on Tuesday, as oil companies boosted petrol and diesel prices in response to a rise in worldwide oil costs. According to a price notification from state-owned fuel retailers, the price of petrol has increased by 27 paise per litre and the price of diesel has climbed by 29 paise per litre. The increase, which was the tenth this month, pushed gasoline and diesel prices to new highs across the country.
Petrol prices in Delhi have risen to Rs 92.85 per litre, while diesel prices have risen to Rs 83.51. In other locations in Rajasthan, Madhya Pradesh, and Maharashtra, rates had already surpassed the Rs 100 barrier, and with the current hike, the price in Mumbai was edging closer to that level.
In Mumbai, a litre of petrol costs Rs 99.14, and a litre of diesel costs Rs 90.71. The impact of local taxes such as VAT and freight costs on fuel prices varies from state to state. Rajasthan has the country's highest value-added tax on gas, followed by Madhya Pradesh and Maharashtra.
The increase comes as the price of Brent crude oil crossed $70 per barrel for the first time since March 15.Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at Rs 103.80 per litre and Rs 96.30 a litre, respectively. In 10 increases, petrol price has risen by Rs 2.46 per litre and diesel by Rs 2.78. This is the tenth price hike since May 4, when state-owned oil companies resumed tariff revisions after an 18-day hiatus caused by assembly elections in places like West Bengal.