Oil marketing companies revised the price of petrol and diesel were revised on Friday. Rates have been hiked 26 times since May 4. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPC) revise fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
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 Friday, the oil marketing companies (OMCs) raised the price of petrol and diesel between 23-30 paisa per litre across the four metros.
Petrol price in Delhi was up 27 paise at Rs 96.93 per litre, while diesel rates were up 28 paise Rs 87.69 per litre today. Petrol costs the most in Mumbai, at Rs 103.08 per litre while diesel retails at Rs 95.14 per litre.
In Chennai, petrol is retailed at Chennai Rs 98.14 and diesel at Rs 92.31 per litre while in Kolkata, petrol costs Rs 96.84 and diesel Rs 90.54 per litre.
Petrol and diesel prices are fixed on the basis of freight charges, local taxes, and VAT. Hence, the differences in rates in different cities
Meanwhile, petrol prices are above Rs 107 and diesel has surpassed the Rs 100 mark at Rewa in Madhya Pradesh.
Under daily price revision, OMCs revised petrol and diesel prices every morning benchmarking retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate. However, in a market where fuel prices need to be increased successively, alternate day price revision seems to be the flavour.
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.
On Friday, international oil benchmark Brent crude was trading 0.92 percent lower at $72.41 per barrel.
(With inputs from IANS)
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