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Petrol price inches closer to century mark in Mumbai
Petrol price inches closer to century mark in Mumbai

New Delhi, May 21 (TIWN) The repeated rise in fuel prices in May is all set to take the retail price of petrol to historic high levels of Rs 100 per litre in Mumbai.

Petrol prices are already over Rs 100 per litre in several cities in Madhya Pradesh, Rajasthan and Maharashtra. Premium petrol has been hovering above that level for some time now. 

In the month of May, fuel prices have already increased over 11 days so far. This has taken up the price of petrol by Rs 2.49 a litre Delhi. Similarly, diesel price rose by Rs 3.07 per litre in the capital this month. 

Before Friday, OMC were revising fuel prices on every alternate day for last one week rather than undertaking changes on a daily basis as has been practiced.  Under daily price revision, OMCs revise petrol and diesel prices every morning benchmarking retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate. However, in a market where fuel prices need to be increased successively, alternate day price revision seems to be the flavour.

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