Fuel prices HIKED again; petrol nearing century mark across country

Fuel prices increased again across the country on Wednesday adding more misery for the common man, who are already grappling with rising food prices amidst shrinking income.

With this rise, 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.

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On Wednesday, the oil marketing companies (OMCs) raised the price of petrol and diesel between 12-25 per litre across the four metros.

Accordingly, the price of petrol increased by 25 paise per litre to Rs 96.66 per litre and diesel by 13 paise per litre to Rs 87.41 per litre in Delhi.

In Mumbai, where petrol prices crossed the Rs 100-mark for the first time ever on May 29, the fuel price reached a new high of Rs 102.82 per litre on Wednesday. Diesel prices also increased in the city by 14 paise per litre to reach Rs 94.84 a litre, the highest among metros.

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

Petrol prices in three other metros have also reached closer to Rs 100 per litre mark and OMC officials said that if international oil prices continue to firm up, this mark could also be breached in other places by month-end.

With Wednesday's price hike, fuel prices have now increased on 25 days and remained unchanged on 22 days since May 1. The 25 increases have taken up petrol prices by Rs 6.26 per litre in Delhi. Similarly, diesel has increased by Rs 6.68 per litre in the national capital.

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

The benchmark Brent crude is currently close to a multi-year high level of $75 on ICE or Intercontinental Exchange.