Petrol prices were hiked across the country on Monday, marking a fifteenth straight day of upward revision. The government has said it is looking at short-term as well as long-term solutions to the rising fuel prices. The continues increase in domestic petrol and diesel prices is a result of higher global crude oil prices along with weakness in the rupee against the US dollar, among other factors. Brent crude oil in the international market hit a three-week low on Monday. If crude oil continues its downward movement, it might result in some relief for the domestic fuel consumer, say analysts. However, the rupee's movement against the US dollar will be watched, they add.
Besides global crude prices, excise duty imposed by the Centre and VAT by the states also determine the final price that consumers have to pay at the pump. So there is a wide variation in petrol and diesel prices across different states. Currently, petrol in Mumbai is most expensive compared with the rest of the country, according to Indian Oil's data on fuel prices in metros and state capitals. At Rs 86.08 per litre, petrol price in Mumbai hit a fresh all-time high on Monday.
Petrol and diesel prices are the cheapest in Port Blair, Andaman and Nicobar, compared to the rest of the country, data shows. While petrol is sold at Rs 67.42 per litre, diesel currently retails at Rs 64.8 per litre in Port Blair, as of May 28, according to Indian Oil. With that, Port Blair, Panjim, Agartala, Aizwal and Itanagar are the five cities with minimum petrol prices. In case of diesel, other than Port Blair, Itanagar, Aizwal, Chandigarh and Imphal have the minimum prices.
Here are the petrol and diesel prices across the country, as listed by Indian Oil Corporation:
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