Fuel prices rise again today: Petrol hiked by up to 29 paise; rates now above Rs 100 in Mumbai

The fuel prices have increased again across all four metro cities today, 31 May. According to a report by MoneyControl, the Oil Marketing Companies (OMCs) have raised the petrol prices by 28-29 paise/litre and diesel prices by 26-28 paise/litre. Fuel prices have been raised by Rs 3.83/litre for petrol and Rs 4.42/litre for diesel since 3 May after repeated price hikes over the month. Also, the prices have been increased for the 16th time since 4 May, reports NDTV. The fuel rates or charges in the country are decided by Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation Limited (HPCL). They all are state-run oil marketing companies that are known for the brand and trust among consumers. Every day at 6 am, the fresh or revised fuel rates are decided after aligning them with the global crude oil prices. However, any change in the foreign exchange rates is then considered to decide the domestic price of fuel. Fuel charges differ in different cities because of the addition of other charges like local taxes, value-added tax (VAT) and freight rate. Looking into today’s slot, in Delhi, the petrol prices have been raised from Rs 93.94 per litre to Rs 94.23 while diesel prices also increased from Rs 84.89 per litre to Rs 85.15 per litre. The price of petrol in Mumbai has crossed the Rs 100 mark. Today, the revised price stands at Rs 100.47 per litre whereas diesel is retailed at Rs 92.45 per litre for the same quantity. In Kolkata, the petrol price costs Rs 94.25 per litre while one litre of diesel can be purchased in the city for Rs 88.00. Looking into another major city in the country, Chennai, the price of petrol per litre is Rs 95.76 and the price of diesel is Rs 89.90 for the same quantity. Few other cities where the petrol rates had already crossed the Rs 100-mark includes Madhya Pradesh and Rajasthan.