Mumbai becomes first metro city to see petrol breaching Rs 100 mark

New Delhi: Fuel prices in Mumbai shot up on Saturday making it the first metro city that is selling petrol at over Rs 100 per litre to consumers, as per Indian Oil Corporation (IOC) data.

At over Rs 100 a litre, the petrol price in Mumbai is at the historic high level. Never before the fuel price has come even closer to reaching this mark.

With the price of petrol clocking Rs 100.19 per litre, diesel price also rose to Rs 92.17 per litre.

The oil companies raised the price of petrol and diesel again on Saturday by 25-30 paise per litre after maintaining the price rise momentum.

With this, petrol prices rose 25 paise per litre in Mumbai taking up retail price there from Rs 99.94 per litre a day earlier to Rs 100.19 per litre on Saturday.

The 15th increase in prices since May 4 has pushed petrol and diesel prices to record-high levels across the country.

Mumbai does not have the unique distinction of breaching the Rs 100 per litre mark as Thane already reached the mark a few days back while few other cities in Rajasthan (including Jaipur) Madhya Pradesh and Maharashtra, having the highest VAT levels on auto fuels in the country, have already been selling normal petrol for over Rs 100 a litre for past several days.

Premium petrol prices have already crossed the Rs 100 per litre mark in the city and other parts of the country through an increase in the retail rates in January and February.

With price rise on Saturday, in Delhi also petrol is being sold at Rs 93.94 a litre while diesel at Rs 84.89 a litre, an increase of 26 paise and 29 paise per litre respectively over previous days price. Across the country as well Petrol and diesel prices increased on Saturday but the quantum varied depending on the level of local taxes in different states.

With Saturday's price rise, fuel prices have now increased on 15 days and remained unchanged on 14 days so far in May. The 15 increases in May has taken up petrol prices by Rs 3.54 per litre in Delhi. Similarly, diesel has increased by Rs 4.17 per litre in the national capital.

Earlier, IANS had reported that OMCs may begin increasing the retail price of petrol and diesel post-state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices.

With global crude prices rising again to around the $70 a barrel mark, OMCs may have to keep revising prices upwards for some more time.