Fuel prices across metropolitan cities were hiked on June 4, two days after a pause. After the hike, the petrol price in Delhi jumped to Rs 94.76 per litre, a 27 paise increase from the previous day. Diesel was priced at Rs 85.66 per litre, an increase of 28 paise, in the national capital.
The price of petrol remained above the Rs 100-mark in Mumbai and stood at Rs. 100.98 per litre. Diesel was priced at Rs 92.99 per litre, according to the Indian Oil Corporation (IOCL).
Fuel prices vary across states depending on local taxation like a value-added tax (VAT) and factors such as freight charges. Rajasthan reportedly levies the highest VAT on petrol in the country, followed by Madhya Pradesh and Maharashtra.
Central and state taxes make up for 60 percent of the retail selling price of petrol and over 54 percent of diesel.
Meanwhile, the petrol price in Chennai stood at Rs 96.23 and that diesel price was Rs 90.38 per litre. The price of petrol and diesel in Kolkata were reduced to Rs 94.76 per litre and Rs 88.51 per litre, respectively.
State-owned Saudi Arabia's Aramco hiked its key Arab Light grade for July shipments to Asia by 20 cents to $1.90 a barrel above a benchmark, Bloomberg reported expecting a hike of just 10 cents. Saudi Arabia exports more than 60 percent of its exports to Asia, with China, India, South Korea and Japan being the biggest buyers.
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