Fuel prices were hiked for the third consecutive day this week, touching fresh record highs across the country on Wednesday, May 12, 2021. Moreover, this is the seventh hike in fuel prices this month and with this petrol rates in Mumbai are inching closer to the INR 100 mark.
In Mumbai, fuel prices remain the highest across metro cities. Petrol is priced at INR 98.36 per litre, up 24 paise since yesterday. While, diesel costs INR 89.75 a litre, a jump of 27 paise.
In some places in Maharastra have breached the INR 100 per litre mark while premium petrol has been hovering above that level for some time now.
According to data available on the Indian Oil Corporation’s website, petrol in Delhi today costs INR 92.05 per litre, up 25 paise since yesterday. Diesel in Delhi costs INR 82.61 litre, an increase of 25 paise.
Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) align domestic fuel rates with the global crude oil prices, revising them on a daily basis in line with foreign exchange rates and benchmark international price.
Meanwhile, IANS had written earlier that OMCs may begin increasing the retail price of petrol and diesel post-state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices.
Oil companies that have in recent months resorted to an unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on 15 April. This coincided with electioneering hitting a peak to elect new governments in five states, including West Bengal.
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