Fuel prices continue northward march; petrol, diesel rise again

After hitting new highs a day earlier fuel prices rose once again on Tuesday taking petrol rates to cross Rs 100 per litre mark in several cities across the countryThe pump prices of petrol and diesel increased by 26 paise and 23 paise per litre to Rs 9449 and Rs 8538 per litre respectively in Delhi on TuesdayThis is the second consecutive increase in fuel prices in as many days Petrol and diesel prices had risen up to 29 paise per litre even on MondayIn the city of Mumbai where price of petrol crossed Rs 100 mark for the first time on Saturday the fuel price rise again on Tuesday by about 25 paise per litre has taken it to a new high of Rs 10072 per litre Diesel price also increased in the city by 24 paise per litre to reach Rs 9269 a litre the highest among metrosAcross the country as well petrol and diesel prices increased on Tuesday but the quantum varied depending on the level of local taxes in different statesMumbai is not the only city to have unique distinction of petrol breaching the Rs 100 pet litre mark Thane reached the mark few days back while few other cities in Rajasthan including Jaipur Madhya Pradesh and Maharashtra having the highest VAT levels on auto fuels in the country have already been selling normal petrol for over Rs 100 a litre for the past several daysPremium petrol prices have already crossed the Rs 100 per litre mark in the city and other parts of the country through increase in the retail rates in the month of January and FebruaryWith Tuesdays price rise fuel prices have now increased on 17 days and remained unchanged on 15 days since May 1 The 17 increases have taken up petrol price by Rs 409 per litre in Delhi Similarly diesel price has increased by Rs 466 per litre in the national capitalUnder daily price revision OMCs revise petrol and diesel prices every morning benchmarking retail fuel prices to a 15day rolling average of global refined products prices and dollar exchange rate However in a market where fuel prices need to be increased successively oil companies this month have been holding back price rise on few days before starting the process all over againWith global crude prices rising again to around 70 a barrel mark OMCs may have to keep revising prices upwards for some more timeThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever