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Petrol, Diesel Prices Hiked On Tuesday; Petrol Crosses Rs 99 In Mumbai

Domestic petrol and diesel prices vary from state to state due to value added tax (VAT).

Petrol, diesel prices today: Petrol and diesel prices have been hiked across the metros on Tuesday, May 18 after a gap of a day. In Delhi, petrol prices have been increased by 27 paise from Rs 92.58 per litre to Rs 92.85 per litre and diesel prices have become dearer by 29 paise from Rs 83.22 per litre to Rs 83.51 per litre, according to Indian Oil Corporation. Petrol and diesel prices are the highest in Mumbai. In Mumbai, the revised petrol price is Rs 99.14 per litre and diesel is retailed at Rs 90.71 per litre, according to the state-run oil refiner. 

The fuel prices have been hiked ten times since May 4, when the state-owned oil companies ended a hiatus in rate revision that was observed during assembly elections. Petrol and diesel prices vary across states due to the value-added tax or VAT. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City)

Below are the latest petrol and diesel prices across four metro cities:

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

Meanwhile, oil prices climbed on Tuesday, extending gains from the previous day, as optimism over the reopenings of the U.S and European economies outweighed fears of slower fuel demand in Asia due to surging COVID-19 cases and a new wave of restrictions.

Brent crude oil futures were up 20 cents, or 0.3 per cent, at $69.66 a barrel by 0231 GMT, while West Texas Intermediate (WTI) was up 19 cents, or 0.3 per cent, at $66.46 a barrel.

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