Mumbai: Petrol and diesel price across the four metros on hiked further Saturday, May 29th. Petrol prices raised by 26 paisa from Rs.93.68 per litre to ₹ 93.94 per litre, while diesel prices were increased by 28 paisa from ₹ 84.61 per litre to ₹ 84.89 per litre in Delhi, according to Indian Oil Corporation.
This has been the 15th increase in fuel prices since May 4th, as state-run oil refiners ended an 18-day break in rate revision observed during assembly elections in states such as Tamil Nadu, West Bengal.
Petrol prices crossed the hundred-rupee mark in Mumbai with the new petrol prices in the financial hub standing at ₹ 100.19 per litre and diesel crossed its ninety-rupees mark, currently priced at ₹ 92.17 per litre in Mumbai. Petrol rates had already crossed the ₹ 100-mark in several cities of Madhya Pradesh and Rajasthan as well.
Fuel rates vary across the states in the country depending on the value-added tax or VAT put upon the commodity. State-run oil marketing companies like Indian Oil Corporation (IOC), Bharat Petroleum, and Hindustan Petroleum align their domestic fuel prices with that of global crude oil prices by taking into account, changes in the foreign exchange rates as well.
All changes in fuel prices are implemented with effect from 06:00 A.M every day.