Fuel rates hiked; petrol inches closer to Rs 107 per litre in Mumbai

Petrol and diesel prices were hiked again on Saturday across the country after a days' pause. Petrol price was hiked by 35 paise, while diesel rate was jacked up by 26 paise in Delhi, according to a price-notification by state-owned fuel retailers. Petrol now sells for Rs 100.91 per litre, whereas diesel costs Rs 89.88 per litre in the national capital.

Petrol is inching closer towards the Rs 107 per litre-mark and is currently being sold at Rs 106.93 per litre in Mumbai. Diesel, on the other hand, costs Rs 97.46 per litre in India's financial capital. Citizens in Kolkata will now have to shell out Rs 101.01 for a litre of petrol and Rs 92.97 for a litre of diesel respectively. In Chennai, petrol is retailing at Rs 101.67 per litre, while diesel costs Rs 94.39 per litre.

Petrol, diesel prices in metro cities

                     Petrol (Rs.)          Diesel (Rs.)

Delhi               100.91                89.88

Mumbai          106.93                97.46

Kolkata           101.01                92.97

Chennai          101.67                94.39

Also read: And it's a century! Petrol now costs Rs 100 per litre in Delhi, Kolkata

Petrol and diesel rates have also risen in other parts of India, including Madhya Pradesh's capital Bhopal and Rajasthan's Sri Ganganagar district. Petrol now costs Rs 109.24 per litre while diesel sells for Rs 98.67 a litre in Bhopal.

Fuel rates are the costliest in Rajasthan's Sri Ganganagar -- located near the India-Pakistan border. Petrol costs Rs 112.24 per litre while Rs 103.15 a litre in the district.

State-backed oil marketing companies (OMCs) revise petrol and diesel prices daily on the basis of value-added tax and freight charges apart from the average price of benchmark fuel in the international market in the preceding 15 days as well as the foreign exchange rate.

Also read: India's fuel demand rebounds in June; petrol sale rises 5.5% to 2.12 MT

A war of words has taken place between the states and the Centre over exorbitant fuel prices. Maharashtra Deputy Chief Minister Ajit Pawar took on the Narendra Modi-led Central government over high fuel rates and said the government should show a “big heart” and slash taxes on fuel to provide relief to common citizens.

Hardeep Singh Puri, who recently took charge as the Union Minister of Petroleum and Natural Gas, has said the Centre’s focus will be to raise domestic crude oil and natural gas production in keeping with Prime Minister Narendra Modi’s Aatmanirbhar Bharat vision.

“Our focus will be on increasing domestic production of crude oil and natural gas. In line with Prime Minister Narendra Modi’s vision of an Aatmanirbhar Bharat, we will work towards the development of a natural gas-based economy in the country,” Puri said.

Also read: 'I accept current fuel prices are problematic,' Dharmendra Pradhan

Crude oil prices

Oil prices rose for a second day on Friday as the market reacted to falling US inventories, and signs of strong Asian demand from both China and India added support. Brent crude oil futures were up $1.43, 1.93%, at $75.55. US West Texas Intermediate futures were up $1.62, or 2.2%, at $74.56.

Edited by Mehak Agarwal