After observing yet another hike on Sunday, the fuel prices remained the same across the country on Monday. Prices of petrol and diesel have been hiked 15 times this month alone. The fuel prices are revised in accordance with the benchmark international price and foreign exchange rates on a daily basis by Oil Marketing Companies (OMCs) like Shell, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL), Indian Oil Corporation Ltd (IOCL), and Essar.
In the national capital, the retail price of petrol for one litre is Rs 98.46, while the price for one litre diesel is Rs 88.90. Mumbai continues to sell fuel at the highest rate among all the metro cities in the country. In the financial capital of the country, the price of petrol has reached Rs 104.56 per litre. The retail price of diesel has reached Rs 96.42 per litre. Following the trend, fuel prices on Sunday observed a rise in Kolkata, and Chennai as well. In the capital city of West Bengal, the retail price of one litre of petrol is Rs 98.30 while the price of one litre of diesel is Rs 91.75. In Chennai, the price of petrol neared the Rs 100 mark with one litre of it being priced at Rs 99.49. Price of diesel reached Rs 93.46 per litre.
Besides Mumbai, the price of petrol has crossed Rs 100-per-litre mark in Madhya Pradesh, Maharashtra, Punjab, Jammu and Kashmir, Andhra Pradesh, Telangana, Karnataka, Rajasthan, Odisha, Tamil Nadu, Ladakh, and a few places in Bihar. There are several factors that influence the price of the petrol and diesel across the country likeValue Added Tax (VAT), Rupee-Dollar exchange rate, freight charges, local taxes and more.
International crude oil prices went higher on Monday as global demand of the commodity faced recovery. Factors like increase in international demand, or low production rate influence the crude oil prices globally.