Petrol and diesel prices on June 1 scaled new highs across the country after they were hiked for the 17th time in a month.
Petrol price was increased by 26 paise per litre and diesel by 23 paise a litre, according to a price notification of State-owned fuel retailers.
In Delhi, petrol hit an all-time high of ₹94.49 a litre, while diesel is priced at ₹85.38 per litre.
Fuel prices differ from State to State depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh and Maharashtra.
The price of petrol, which had already crossed the ₹100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra, breached the psychological barrier in Mumbai on Saturday. Tuesday’s price increase was the second since then.
Petrol now costs ₹100.72 a litre in Mumbai and diesel comes for ₹92.69 per litre.
The increase on June 1 is the 17th increase in prices since May 4, when State-owned oil firms ended an 18-day hiatus in rate revision they observed during Assembly elections in States like West Bengal.
In 17 increases, petrol price has risen by ₹4.09 per litre and diesel by ₹4.65 a litre.
Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
Brent crude oil — the most widely used international benchmark — has risen 36% this year to more than $70 a barrel.
This has prompted an increase in retail fuel prices.
Rates are at the highest in the country in Sri Ganganagar district of Rajasthan where petrol comes for ₹105.52 a litre and diesel for ₹98.32 per litre.
