Petrol crosses Rs 101-mark in Mumbai as prices hiked for third time in June

After a one-day pause, fuel prices were hiked for a third time in the first week into June on Sunday.

Petrol was hiked by 27 paise, while the price of diesel was up by 31 paise in Mumbai.

Fuel prices soared to record highs as petrol in Mumbai crossed Rs 101 a litre. Diesel now costs Rs 93.30 in the financial capital.

In the national capital, Delhi, a litre of petrol now costs Rs 95.03 a litre, while the price of diesel has been hiked by 29 paise to Rs 85.95.

Petrol price in Bengaluru crossed the Rs 98-mark and is at Rs 98.20 per litre while a litre of diesel is now priced at Rs 91.12. A litre of petrol in Chennai costs Rs 96.47, while diesel, now costs Rs 90.66.

Elsewhere, in Kolkata petrol now costs Rs 95.02 and diesel Rs 88.80 a litre each.

Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

Members of the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, earlier this week agreed to continue relaxing curbs on oil production, signalling their confidence in improving oil demand and a drop in the global supply glut.

(With agency inputs)