The oil marketing companies (OMCs) hiked petrol and diesel prices on Thursday for second consecutive day. While petrol price was raised by 34-35 paise, diesel rate was increased by 35-37 paise.

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The price of petrol in Delhi rose to its highest-ever level of Rs 108.29 a litre and Rs 114.14 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel now comes for Rs 105.12 a litre, while in Delhi, it costs Rs 97.02 per litre.

Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am.

Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol.

Globally, oil prices fell on Wednesday after US crude oil stockpiles rose more than expected, even as fuel inventories dropped and tanks at the nation's largest storage hub emptied further, according to news agency Reuters.

(Edited by : Anshul)

First Published:Oct 28, 2021 9:32 AM IST