Gasoline is approaching the Rs 100 mark in Mumbai; revised gasoline prices in the financial capital are Rs 99.94 per liter. The price of diesel is Rs 91.87 per liter in Bombay. Gasoline prices have already crossed the 100 rupee mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra and the price in Mumbai is also approaching 100 rupees. Fuel prices vary by state across the country due to value added tax or VAT. Notably, gasoline and diesel prices have been increased 12 times since May 4. (Read also: How to find the latest gasoline and diesel prices in your city)
Below are the latest gasoline and diesel prices in four metropolitan cities:
National oil marketing companies, including the Indian Oil Corporation (IOC), Bharat Petroleum and Hindustan Petroleum, align domestic fuel prices with those of world crude oil prices taking into account changes in exchange rates. Any change in fuel prices is implemented from 6 a.m. every day.
Meanwhile, oil prices stabilized higher on Wednesday as a drop in US crude inventories raised expectations of improving demand ahead of the peak of the summer driving season.
Brent settled 16 cents, or 0.3 percent, at $ 68.87 a barrel and U.S. West Texas Intermediate (WTI) crude stabilized at 14 cents, or 0.2 percent, at $ 66.21 per barrel.