There seems to be no respite for the common man as fuel prices continue to rise in the country. The state-run oil marketing companies have hiked the petrol and diesel prices for the 22nd time today, June 11, after pressing the pause button on Thursday, June 10.
Petrol and diesel rates across the country have been revised upwards by 29 and 28 paise respectively.
At present, petrol is retailing above the INR 100 per litre mark in six states and union territories — Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana and Ladakh.
After a fresh hike, petrol has touched a record high of INR 102 for a litre in Mumbai and diesel is retailing at INR 94 per litre.
While a litre of petrol costs INR 95.85 in the national capital, the highest ever. The diesel costs INR 86.75 per litre in Delhi.
Fuel prices have been soaring since the beginning of May. State-run companies resumed daily revisions on May 4 after an over 18-day halt. Since then, the petrol price has risen by over INR 6 per litre.
The price of petrol and diesel varies according to the local taxes imposed by different states.
Furthermore, petrol and diesel prices depend on international crude prices, foreign exchange rates and demand for fuel. The benchmark Brent crude is currently at $ 72.23 on ICE or Intercontinental Exchange.
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