Petrol price were hiked across the four metros on Saturday. In the national capital, petrol prices were raised by 26 paise from Rs 93.68 per litre to Rs. 93.94 per litre, while diesel prices were increased by 28 paise from Rs. 84.61 per litre to Rs. 84.89 per litre, according to Indian Oil Corporation. 

This is the 15th increase in petrol and diesel prices since May 4, when state-run oil refiners ended an 18-day hiatus in rate revision observed during assembly elections in states such as Tamil Nadu, West Bengal. 

Petrol price crossed the Rs. 100 mark in Mumbai and the new petrol prices in the financial capital stand at Rs. 100.19 per litre. Diesel is retailed at Rs 92.17 per litre in Mumbai. Moreover, the petrol rates had already crossed the Rs 100-mark in several cities of Madhya Pradesh and Rajasthan. Fuel rates vary across the states in the country due to value-added tax or VAT. 

The state-run oil marketing companies including Indian Oil Corporation (IOC), Bharat Petroleum, and Hindustan Petroleum align the rates of domestic fuel with that of global crude oil prices by taking into account any changes in the foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.

Meanwhile, on Friday, May 28, Brent crude futures, the global oil benchmark, advanced 0.30 per cent to $ 69.67 per barrel. The rupee continued its three-day winning streak to gain 15 paise at 72.45 against the US dollar on Friday.

Prices of petrol and diesel in India are decided to keep the international fuel prices as a benchmark. This means that a rise in global fuel prices results in a price hike in the domestic market. So one of the reasons behind the hike is the global Brent crude prices edging up on Friday to settle at a two-year high.

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