Fuel prices hiked again, petrol nears Rs 100 in Patna after Bengaluru, Mumbai

Petrol and diesel prices were hiked on Sunday, touching new highs after remaining steady for a day.

The fuel rates were increased for the 11th time this month, and 28th time 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.

While petrol price has been raised by 29 paise, diesel has become costlier by 27 paise by the oil marketing companies.

With the latest fuel price hike, a litre of petrol and diesel in Delhi now costs Rs 97.22 and Rs 87.97. In Mumbai, where fuel prices are the highest among the metro cities, petrol is selling at Rs 103.36 per litre, whereas diesel is priced at Rs 95.44 a litre.

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In Chennai, petrol is retailing at Rs 98.40 per litre and diesel is priced at Rs 92.58. In Kolkata, petrol and diesel are being sold at Rs 97.12 a litre and Rs 90.82 per litre. Meanwhile, Patna is also close to joining the list of state capitals where the petrol price has crossed the Rs 100-mark.

A litre of auto fuel currently costs Rs 99.28 in the capital city of Bihar, while diesel price stands at Rs 93.30 per litre.

Since May 4, petrol price has crossed Rs 100-per-litre mark in over eight states and UTs (Union Territories) - Rajasthan, Maharashtra, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Jammu and Kashmir, and Ladakh.

Bhopal became the first state capital to have touched the three-figure mark last month, followed by Jaipur and Mumbai.

Hyderabad on June 15 became the second metro city in the country to see petrol price cross Rs 100 per litre mark after fuel prices were raised yet again. Bengaluru also joined the list in the week gone by.

Sri Ganganagar district of Rajasthan, near the India-Pakistan border, was the first place in the country to see petrol hitting the Rs 100 a litre mark in mid-February and on June 12 it also earned the distinction of diesel crossing that psychological mark. It also earned the distinction of diesel crossing Rs 100 in the week gone by.

Also Read: Petrol, diesel prices unchanged today; check latest rates in Delhi, Mumbai, other cities

Currently, petrol in the city is sold at Rs 108.37 a litre - the highest rate in the country, and diesel comes for Rs 101.12. Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.

Rajasthan levies the highest VAT on petrol and diesel in the country, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana. 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.

Crude oil price

Crude oil prices rose on Friday, reversing early losses and set for a fourth week of gains after OPEC sources said the producer group expected limited US oil output growth this year despite rising prices. Brent crude futures rose 43 cents, or 0.6% to settle at $73.51 a barrel. US West Texas Intermediate (WTI) crude rose 60 cents, or 0.8% to $71.64 a barrel.

Also Read: Fuel rates rise again; petrol priced at Rs 103.08 per litre in Mumbai