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MUMBAI: In a fresh hike on Tuesday, price of petrol in Mumbai rose by 85 paise to Rs 115.04 a litre. Diesel rate went up by 75 paise and was retailing at Rs 99.25 a litre.
Petrol and diesel prices have been hiked by over Rs 5 per litre in seven hikes during past eight days.
In neighbouring Thane and Navi Mumbai, petrol was being sold at the Indian Oil pumps for Rs 115.18 a litre while the diesel price was hiked to Rs 99.38.
The hike is the fallout of a spike in global oil prices, especially after Russia’s invasion of Ukraine. High global crude oil prices is a major concern for India as the country imports 85% of its oil demand.