The price of petrol crossed Rs 115 per litre in Mumbai as fuel rates across the country rose for the fifth consecutive day on Sunday, the Hindustan Times reported. Petrol and diesel prices were increased by 34 paise and 37 paise, respectively.
In Mumbai, petrol cost Rs 115.15 per litre on Sunday, while diesel was priced at Rs 106.23 per litre. In national Capital Delhi, petrol price rose to its highest-ever level of Rs 109.34 a litre, while diesel prices stood at Rs 98.07 per litre.
The fuel products were at their costliest in Rajasthan’s Ganganagar town, where petrol prices reached Rs 121.62 a litre and diesel cost Rs 112.52 per litre, the Mint reported.
Fuel prices vary in states due to different value-added tax and freight charges. Oil companies revise the fuel prices on the basis of the cost of benchmark fuel in the international market and foreign exchange rates.
Petrol has crossed the Rs 100 per litre mark in all major cities of the country. Meanwhile, diesel has reached the level in more than 18 states and Union Territories.
India depends on imports to meet 85% of its oil needs. Thus, a rise in international oil prices directly influences national fuel rates.
On Saturday, the price of Brent crude rose 6 cents to settle at $84.38 (Rs 6,322.47) per barrel, Reuters reported. Brent is a global price benchmark for the crude oils from the Atlantic basin. It is used to set the price of two-thirds of the world’s trade of crude oil supply.