After a day of pause, the oil marketing companies (OMCs) hiked the prices of petrol and diesel by 23-26 paise and 6-7 paise respectively on Thursday.
Accordingly, the price of petrol and diesel increased to Rs 97.76 and Rs 88.30 per litre in the national capital, as per Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, the petrol price changed to Rs 103.89 per litre on Thursday. The cost of diesel advanced to Rs 95.79 a litre.
In the last 6 months, petrol and diesel prices have increased by up to Rs 15.28 per litre.
In June, fuel prices have been hiked by up to Rs 3.53 per litre and since May 3, it has increased by Rs 8 per litre.
The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning. The fuel prices vary from state to state in the country due to the value-added tax or VAT.
Oil prices climbed on Thursday after a sharp drawdown in U.S. crude and gasoline stocks reinforced optimism of a quick recovery in fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports, according to news agency Reuters.
Brent crude LCOc1 futures rose 9 cents, or 0.1 percent, to $75.28 a barrel by 0103 GMT, after increasing 0.5 percent on Wednesday. US West Texas Intermediate (WTI) crude CLc1 futures gained 6 cents, or 0.1 percent, to $73.14 a barrel, after rising 0.3 percent on Wednesday, Reuters said.
First Published: IST