Again a hike in price , Petrol and Diesel, touch record highs.

Source: NDTV.

Petrol and diesel prices have been raised again across the metros on Sunday, May 16, after a day's pause.

Petrol prices have been spiked by 24 paise from ₹ 92.34 per liter to ₹ 92.58 per liter and diesel was hiked by 27 paise from Rs 82.95 per liter to ₹ 83.22 per liter, according to the Indian Oil Corporation, in Delhi.

Currently, petrol and diesel prices have reached their peak in Mumbai, petrol is charged Rs 98.88 per liter, and diesel is retailed at ₹ 90.40 per liter, according to the state-run oil refiner.

Petrol and diesel prices vary across states due to the value-added tax or VAT.

The above representational data is of different prices of petrol and diesel being charged in metropolitan cities.

Since 4th May, this is the ninth hike, when the state-owned oil companies ended a hiatus in rate revision that was observed during assembly elections.

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

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