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Petrol, diesel prices see another sharp hike after pause of two days
In Mumbai, the financial capital of the country, petrol and diesel were selling at ₹99.32 and ₹91.01 respectively. While in Chennai, petrol was priced at ₹93.11. Diesel was selling at ₹86.64 respectively.
The fuel prices rose sharply on Friday after remaining unchanged for two consecutive days. In the national capital, petrol was selling at ₹93.04 per litre after a hike of 19 paise. While diesel prices are increased by 29 paise, and is now selling at at ₹83.80.
In Mumbai, the financial capital of the country, petrol and diesel were selling at ₹99.32 and ₹91.01 respectively. While in Chennai, petrol was priced at ₹93.11. Diesel was selling at ₹86.64 respectively.
On May 18, fuel prices touched a record high when they rose by 27 paise per litre in the national capital. While diesel was hiked by 29 paise.
Fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges. Rajasthan levies the highest VAT on petrol in the country, followed by Madhya Pradesh.
Meanwhile, the daily revision in prices is due to factors including international crude prices and exchange rate as India imports more than 80 per cent crude oil it processes and pays in dollars.
In the month of May, the fuel prices have been hiked at least 10 times after the oil marketing companies resumed their price revisions ending 18-day hiatus.
On Friday, benchmark Brent crude was 0.2 per cent higher at $65.21 a barrel after slumping 2.3 per cent. In the foreign exchange market, the dollar was hovering near multi-month lows following its steepest slide in about two weeks on Thursday.
The dollar index, which measures the greenback against six major peers, was at 89.755, little changed after the previous session's 0.4% decline.
