The oil marketing companies (OMCs) hiked the prices of petrol and diesel across the metro cities for the second straight day on Friday. While petrol price was increased by up to 25 paise, diesel rate advanced by up to 32 paise.
Accordingly, the price of petrol and diesel was increased to Rs 101.89 and Rs 90.17 per litre respectively in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, the petrol price was hiked to Rs 107.95 per litre on Friday. The cost of diesel mounted to Rs 97.84 a 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.
Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
Among the four metro cities, fuel rates are the highest in Mumbai, according to the state-run oil refiner.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh and Maharashtra.
(Edited by : Anshul)