Petrol and diesel prices in the country touched new highs after another hike in their rates on Thursday. It is the 14th hike in fuel rates since May 4.
In Mumbai, the petrol price neared Rs 100-mark and now stands at Rs 99.71 while diesel costs Rs 91.57.
In the National Capital Region (NCR), petrol price is now Rs 93.68 per litre, an increase of 24 paise. Diesel prices were affected too as the new price soared up to Rs 84.61 per litre which is an increase of 29 paise.
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Fuel rates vary across the states in the country due to value-added tax or VAT.
Any price change in fuel per litre are implemented from effect by 6 am every day. The rates of domestic fuel with that of global crude oil prices are aligned by taking into account changes in the foreign exchange rates. This method of alignment is used by state-run oil companies, Bharat Petroleum, Indian Oil Corporation (IOC), Bharat Petroleum, and Hindustan Petroleum.
In the US, a drop in American crude stockpiles reinforced expectations of improving demand ahead of the peak summer driving season resulted in a higher settlement of oil prices on Wednesday.
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Brent settled up 16 cents, or 0.3 per cent, to $68.87 a barrel and U.S West Texas Intermediate (WTI) crude settled up 14 cents, or 0.2 per cent, at $66.21 a barrel.
| City | Petrol | Diesel |
| Delhi | 93.68 | 84.61 |
| Mumbai | 99.94 | 91.87 |
| Chennai | 95.28 | 89.39 |
| Kolkata | 93.72 | 87.46 |
| Source: Indian Oil | ||
