Petrol price hike: Fuel price hits ₹103.36 per litre in Mumbai, reaches historic high
After remaining steady for a day, fuel prices saw a hike on Sunday. In Delhi, the prices of petrol and diesel per litre soared to ₹97.22 and ₹87.97 respectively.
In Bhopal, the price of petrol touched ₹105.43/litre while that of diesel rose to 96.65/litre. In Mumbai, the fresh hike in petrol price took it to ₹103.36/litre while the price of diesel touched ₹95.44/litre. In Patna, the prices of petrol and diesel per litre is ₹99.28/litres and ₹93.30/litre respectively.
Petrol rates in the nation are revised on a daily basis. The price of fuel includes excise duty, value added tax (VAT) and dealer commission. VAT varies from state to state.
The state-run oil marketing companies — Indian Oil Corporation (IOC), Bharat Petroleum, and Hindustan Petroleum — align the rates of domestic fuel with that of the global crude oil prices by taking into account any changes in foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.
After adding excise duty, dealer commission and VAT, the retail selling price of petrol gets nearly doubled. Various factors impact the price of fuel. These include rupee to US dollar exchange rate, cost of crude oil, global cues, demand for fuel, and so on. When international crude oil prices gain, prices in India move higher.
{{/usCountry}}After adding excise duty, dealer commission and VAT, the retail selling price of petrol gets nearly doubled. Various factors impact the price of fuel. These include rupee to US dollar exchange rate, cost of crude oil, global cues, demand for fuel, and so on. When international crude oil prices gain, prices in India move higher.
{{/usCountry}}The fuel prices have been rising rapidly in the nation due to rising international crude oil prices. Experts are worried about the prolonged round of fuel price hikes as it has triggered a sharp rise in inflation.