Fuel price hike: Petrol prices close to hitting century mark across the country

New Delhi: Adding more misery for the common man who is already grappling with rising food prices amid the pandemic, Fuel prices across the country spiked again on Tuesday.

On Tuesday, the oil marketing companies (OMCs) raised the price of petrol and diesel between 25-30 paise per litre across the four metros depending on the level of local taxes in different states.

The petrol prices have reached very close to hitting the century mark all across the country as the high prices 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.

With Tuesday's price hike, fuel prices have now increased on 28 days and remained unchanged on 25 days since May 1.

Accordingly, the price of petrol increased by 28 paise per litre to Rs 97.50 per litre and diesel by 26 paise per litre to Rs 88.23 per litre in Delhi.

In the city of Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached a new high of Rs 103.63 per litre on Tuesday. Diesel prices also increased in the city by 30 paise per litre to reach Rs 95.72 a litre, the highest among metros.

Petrol prices in three other metros apart from Mumbai have also reached closer to Rs 100 per litre mark and OMC officials said that if international oil prices continued to firm up, this mark could also be breached in other places by month end.

The increase has taken up the petrol price by Rs 7.11 per litre in Delhi. Similarly, diesel price has increased by Rs 7.50 per litre in the national capital.

With rising global crude prices and depleting inventories of the US, retail prices of fuel in India is expected to firm up further in coming days.

The benchmark Brent crude reached multi-year high level of over $ 75 on ICE or Intercontinental Exchange.