The oil marketing companies (OMCs) hiked the prices of petrol by 29-30 paise per litre on Saturday but kept diesel rates stable. On Friday, both the rates were unchanged.
Accordingly, the price of petrol increased to Rs 101.84 and the diesel rate was static at Rs 89.87 per litre in the national capital, as per Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, the petrol price advanced to Rs 107.83 per litre on Saturday. The cost of diesel was stable at Rs 97.45 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 in the morning. The fuel prices vary from state to state in the country due to the value-added tax or VAT.
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.
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)
First Published: IST