Fuel prices hiked again, petrol now nears century mark pan-India

Fuel prices increased again across the country on Friday adding more misery to common man's woe, as he already grapples with rising food prices amid shrinking income.

Petrol prices have reached very close to hitting the century mark all across the country extending the scope of historic high prices that 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.

On Friday, the oil marketing companies (OMCs) raised the price of petrol and diesel between 23-30 paisa per litre across the four metros.

Accordingly, the price of petrol increased by 27 paisa per litre to Rs 96.93 per litre and diesel by 28 paisa per litre to Rs 87.69 per litre in Delhi.

In Mumbai, where petrol price crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 103.08 per litre on Friday. Diesel price also increased in the city by 30 paisa per litre to reach Rs 95.14 a litre, the highest among metros.

Across the country petrol and diesel prices increased on Friday but its retail prices varied depending on the level of local taxes in different states.

Petrol prices in the two other metros 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.

With Friday's price hike, fuel prices have now increased on 26 days and remained unchanged on 23 days since May 1. The 26 increases have taken up the petrol prices by Rs 6.54 per litre in Delhi. Similarly, diesel have increased by Rs 6.96 per litre in the national capital.

With global crude prices also rising on a pick up demand and depleting inventories of worlds largest fuel guzzler -- the US, retail prices of fuel in India is expected to firm up further in coming days.

The benchmark Brent crude which reached multi year high level of over $75 on ICE or Intercontinental Exchange a couple of days back had diverted slightly to remain at around $73 a barrel currently.

--IANS

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