Petrol and diesel prices rose sharply again for the seventh time this month reaching new all-time high levels on May 12 . Petrol price has been hiked by roughly 26 paise per litre while diesel has become costlier by 33 paise, according to fresh notification by state-owned fuel retailers.
Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
Rates have been increased across the country and vary from state to state depending on the local incidence of taxation (VAT).
In the Capital city, petrol price has increased by 26 paise to Rs 91.53 per litre, while diesel now costs Rs 82.06 per litre. In Mumbai, petrol price is retailing close to Rs 98 per litre and diesel price has crossed Rs 89 per litre after today’s hike. While in Maharashtra and Rajasthan the petrol price has now crossed Rs 100 after Madhya Pradesh.
According to the media reports, the international market, oil prices rose on May 12 extending overnight gains, after industry data showed a drop in US crude inventories, which reinforced OPEC’s robust demand outlook, and as the shutdown of the biggest US fuel pipeline headed into the sixth day.
The report added that US West Texas Intermediate (WTI) crude futures rose 21 cents (0.3 per cent) to $65.49 a barrel at 0013 GMT, adding to a 36 cent rise on Tuesday. Brent crude futures climbed 15 cents (0.2 per cent) to $68.70 a barrel, adding to a 23 cent gain on May 11.