Fuel price hiked again; petrol nearing century mark across the country

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Fuel prices were increased again across the country on Monday adding more misery for the common man already grappling with rising food prices amidst shrinking income.

With the rise, petrol has reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel hit and cross the Rs 100 per litre mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.

On Monday, the oil marketing companies (OMCs) raised the price of petrol and diesel between 26 and 31 paise per litre across the four metros.

Accordingly, the price of petrel increased by 29 paise per litre to Rs 96.41 per litre and diesel by 30 paise per litre to Rs 87.28 per litre in Delhi.

In the city of Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 102.58 per litre on Monday. The price of diesel also increased in the city by 31 paise per litre to reach Rs 94.70 a litre, the highest among metros.

Across the country as well petrol and diesel prices increased on Monday but its retail prices varied depending on the level of local taxes in different states.

Petrol prices in three other metros apart from Mumbai has also reached closer to Rs 100 per litre mark and OMC officials said that if international oil prices continue to firm up, this mark could also be breached in other places by month end.

With Monday’s price hike, fuel prices have now increased on 24 days and remained unchanged on 21 days since May 1. The 22 increases have taken up petrol prices by Rs 6.01 per litre in Delhi. Similarly, diesel has increased by Rs 6.55 per litre in the national capital.

With global crude prices also rising on a pick up demand and depleting inventories of world’s largest fuel guzzler – the US, retail prices of fuel in India is expected to firm up further in coming days. The benchmark Brent crude is currently close to $74 on ICE or Intercontinental Exchange.

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