Petrol, diesel prices setting new highs in India

New Delhi: After a day of pause, petrol and diesel prices were hiked again on June 9, touching fresh record highs across the country, according to the country's largest fuel retailer Indian Oil's latest data.

The revised price of Petrol in Delhi is now ₹95.56 a litre while diesel is priced at ₹86.47. In Mumbai, petrol is being retailed at ₹101.76 per litre and diesel at ₹93.85 per litre.

Mumbai became India's first metro where petrol was being sold at over the ₹100-a-litre mark.

Fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax or VAT and freight charges.

Citizens in Kolkata have to shell out Rs 95.52 for a litre of petrol after a 24 paise rise over Tuesday's rate. A litre of diesel costs Rs 89.32, 25 paise more than yesterday's price of Rs 89.07 a litre. Likewise, in Chennai, the retail price of petrol price was increased by 23 paise to Rs 96.94 a litre, from Rs 96.71 recorded on Tuesday. Diesel costs Rs 91.15 a litre, 23 paise more than Tuesday's price.

The state-run oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum and Hindustan Petroleum align the rates of domestic fuel with that of global crude oil prices by taking into account any changes in foreign exchange rates. Any changes in fuel prices are implemented with effect from 6 am every day.

In the international market, oil prices rose on Tuesday, settling at the highest in more than two years after the top U.S diplomat said that even if the United States were to reach a nuclear deal with Iran, hundreds of U.S sanctions on Tehran would remain in place.