Petrol and diesel prices were hiked on Thursday after remaining unchanged for just a day. State-run fuel retailer Indian Oil Corporation (IOC) data showed that petrol and diesel prices have been hiked by 23 paise, respectively.
This is the 14th price hike since May 4 this month, and with the latest increase, the fuel rate for petrol in Thane crossed Rs.100 and neared ₹100 per litre in Mumbai.
In Thane, petrol rose to Rs.100.06 per litre after the hike and diesel rates increased to Rs.91.99 per litre. In Mumbai, petrol and diesel rates climbed to ₹99.94 per litre and ₹91.87 per litre, respectively. In the national capital, the diesel and petrol prices now stand at ₹93.68 a litre and ₹84.61 per litre, respectively.
After the hike, the petrol price was increased to ₹95.28 per litre and the diesel price to ₹89.39 per litre in Chennai. In Kolkata, a litre of petrol now costs ₹93.72 and a litre of diesel costs ₹87.46. Fuel prices had remained unchanged across metros on Wednesday.
Fuel prices differ from one state to another depending on the amount of local taxes such as VAT and freight charges that are levied. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by the states of Madhya Pradesh and Maharashtra.
Oil companies revise rates of petrol and diesel every day based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates. In the 13th hike on Tuesday, petrol price increased by ₹3.04 per litre and diesel by ₹3.59 per litre.