Petrol prices hit Rs95 a litre, looks set to cross Rs100/litre mark

Petrol and diesel prices in India reached record levels on Saturday after the fifth straight day of revision across the country. With a hike of 30 paise for petrol and 36 paise for diesel, petrol currently sells at Rs94.93 a litre in Mumbai, the highest for any metro while diesel costs Rs85.70 a litre.

In Delhi, petrol on Saturday was selling at Rs88.14 per litre, while diesel rates were retailing at Rs78.74 per litre.
Petrol and diesel prices are being reviewed on a daily basis by state-run oil marketing companies (OMCs), with possible price hikes linked to crude oil prices. As per a notification issue by Indian Oil Corporation, the lead OMC,  petrol price in Delhi was increased by 30 paise from Rs88.14 per litre to Rs88.44, while diesel was hiked saw a hike of 36 paise to Rs78.74. 
Buyers in the country’s financial capital Mumbai are the worst hit, having to shell out Rs94.93 for one litre of petrol and Rs85.70 per litre for diesel. Petrol price in Chennai has been increased to Rs90.70 per litre, while diesel price has gone up to Rs83.86 per litre. In Kolkata, petrol and diesel retailed at Rs89.73 per litre and Rs82.33 per litre, respectively. The two auto fuels in Bengaluru cost Rs 91.40 a litre for petrol and Rs83.47 a litre for diesel.
Petrol and diesel prices following the revisions are implemented at 6 am every day. Accordingly, the prices of petrol and diesel in the five metros on 13 January 2021 are:
Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum are the three leading oil marketing companies. Changes in fuel prices are determined as per global benchmarks of crude oil rates, and by taking changes in the foreign exchange rates into account. The fuel rates vary from state to state in the country due to the value-added tax or VAT.