On Saturday, fuel prices were raised once more, pushing the price of petrol in Mumbai above Rs 100 per litre for the first time. According to Indian Oil Corporation (IOC) data, the price of petrol increased by 26 paise, while the price of diesel increased by roughly 30 paise throughout metros.
The 15th price hike since May 4 has brought petrol prices across the country to all-time highs. In other places in Rajasthan, Madhya Pradesh, and Maharashtra, rates had already surpassed 100 percent.
The impact of municipal taxes such as VAT and freight costs on fuel prices varies from state to state. Rajasthan has the country's highest value-added tax on gasoline, followed by Madhya Pradesh and Maharashtra.
Oil firms adjust the price of gasoline and diesel on a daily basis, based on the average price of benchmark fuel in the worldwide market over the previous 15 days, as well as foreign exchange rates.
In May, petrol prices have raised a total of 16 times on 16 separate days. So far this month, though, there hasn't been a single deduction. As a result, petrol and diesel prices are now at all-time highs in several Indian cities.
Meanwhile, on May 29, petrol costs Rs 93.97 per litre, and diesel costs Rs 87.74 per litre in Kolkata.
The price of petrol has increased by 26 paise in Delhi, while the price of diesel has climbed by 28 paise. Petrol costs Rs 93.94 per litre and diesel costs Rs 84.89 per litre in the national capital city, following a recent price hike.