State-owned oil marketing companies raised petrol prices by 35 paise per litre on Friday, after a two-day gap during which fuel rates remained unchanged, PTI reported. As a result of Friday’s revision, the petrol price breached the Rs 100 per litre-mark in Chennai, and stood at Rs 100.13. In Mumbai, petrol now costs Rs 105.24 per litre.
In Delhi too, the price inched towards the three-figure mark, after rising to Rs 99.16 per litre on Friday.
Chennai became the eighth state capital to breach the Rs 100-mark, according to Mint. Bhopal was the first one to touch the price rise milestone in May. Jaipur, Mumbai, Hyderabad and Bengaluru followed suit, while petrol price in Patna and Thiruvananthapuram hit the Rs 100-mark last week.
Petrol now costs more than Rs 100 in 12 states and Union Territories.
Petrol rates have been revised 33 times since May 4, just two days after the results of the Assembly elections in four states and one Union Territory were announced. There had been no increase in fuel prices since February 27, a day after the Election Commission announced the poll dates. In fact, prices were reduced on multiple occasions in March and April during the elections, but the prices began to be raised again in May.
In the global markets, crude oil prices rose nearly 2% on Thursday on indications that producers of the OPEC+ could increase output more slowly than expected in coming months, Reuters reported. OPEC+ is an alliance consisting of the 13 Organization of the Petroleum Exporting Countries and 10 of the world’s major non-OPEC oil-exporting nations.