Petrol Price Touches Rs 97 In Mumbai After 12th Straight Day Of Hike

On Saturday, fuel rates in India were raised for the twelfth straight day by oil marketing companies.

Petrol prices per litre rose to Rs 90.58 in New Delhi, Rs 91.78 in Kolkata, Rs 97 in Mumbai and Rs 92.59 in Chennai.

Diesel prices per litre increased to Rs 80.97 in New Delhi, Rs 84.56 in Kolkata, Rs 88.06 in Mumbai and Rs 85.98 in Chennai.

In the international market, oil prices declined from recent highs on Friday as Texas (the biggest oil-producing state in the US) energy firms began to prepare for restarting oil and gas fields shuttered by freezing weather.
Brent crude futures slipped 1.6% to settle at $62.91 per barrel on Friday. On the previous day, the global benchmark for oil prices had hit a 13-month high.

Fuel rates in India are revised on a daily basis based on changes in international oil prices as well as the rupee's exchange rate. However, the difference in prices across states is due to local, state and central government taxes on petrol and diesel. A large percentage, that is up to 60%, of the retail price on petrol or diesel price paid by consumers in the country is just a form of central, state or local tax.