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

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

With the rise, petrol prices have 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 rate cross the Rs 100 per litre-mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.

On Tuesday, the oil marketing companies (OMCs) raised the price of petrol and diesel between 25-30 paise per litre across the four metros. Accordingly, the price of petrol increased by 28 paise per litre to Rs 97.50 per litre and diesel by 26 paise per litre to Rs 88.23 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 a new high of Rs 103.63 per litre on Tuesday. Diesel prices also increased in the city by 30 paise per litre to reach Rs 95.72 a litre, the highest among metros.

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

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

With Tuesday's price hike, fuel prices have now increased on 28 days and remained unchanged on 25 days since May 1. The increase has taken up the petrol price by Rs 7.11 per litre in Delhi. Similarly, diesel price has increased by Rs 7.50 per litre in the national capital.

With global crude prices also rising on a pick up demand and depleting inventories of worlds largest fuel guzzler -- the US, retail prices of fuel in India is expected to firm up further in coming days. The benchmark Brent crude reached multi-year high level of over $ 75 on ICE or Intercontinental Exchange.

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