The oil marketing companies (OMCs) increased fuel prices on Friday after keeping them unchanged on Thursday. The petrol price was raised by 28-29 paise and diesel by 28-30 paise per litre across cities.
Accordingly, the price of petrol and diesel increased to Rs 95.85 and Rs 86.75 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 102.04 per litre on Friday. The cost of diesel advanced to Rs 94.15 a litre.
In last 11 days, petrol and diesel prices have been hiked by up to Rs 1.70 per litre.
Petrol price has increased by up to Rs 5.45 and diesel by up to Rs 6.3 per litre since May 3. In 2021, petrol price has increased by more than Rs 12 and diesel by more than Rs 13 per litre.
The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) 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.
On the global front, oil prices slipped on Friday but were set for their third weekly rise on expectations for a recovery in fuel demand in Europe, China and the United States as rising vaccination rates lead to an easing of pandemic curbs, according to news agency Reuters.
Brent crude futures fell 23 cents, or 0.3 percent, to $72.29 a barrel at 0145 GMT, reversing most of Thursday's climb to its highest close since May 2019, Reuters said.
First Published: IST