Petrol and diesel prices continued to hit fresh all-time highs as prices of both fuel products rose for the 17th time in less than a month on Tuesday, PTI reported. In national Capital Delhi, petrol was priced at Rs 94.49 a litre, costlier by 26 paise. Diesel, on the other hand, cost Rs 85.38 per litre, as its price rose by 23 paise a litre.
Last week, the steady rise in fuel prices resulted in petrol crossing the Rs 100 per litre-mark in Mumbai for the first time ever. On Tuesday, petrol cost Rs 100.72 a litre in Mumbai, while diesel was priced at Rs 92.69 per litre.
Since May 4, petrol and diesel prices have gone up by Rs 4.09 per litre and Rs 4.65 per litre, respectively, according to PTI.
The price of petrol had already crossed the Rs 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra. State-run oil marketing companies, including IOC, Bharat Petroleum and Hindustan Petroleum, revise the rates to align domestic fuel prices with the global crude rates.
There had been no increase in prices since February 27, a day after the Election Commission announced elections in four states and one Union Territory. In fact, prices were reduced on multiple occasions in March and April but two days after the election results were announced on May 2, the rates were increased.
Oil prices rose in the global markets too, as brent crude futures gained 2.1% on Tuesday to hit highest levels since March, Reuters reported.