Petrol, Diesel Rates Hiked On Friday; Petrol Near Rs 101 In Mumbai.

Petrol and Diesel Rate today: Domestic petrol and diesel prices vary across states due to VAT

Petrol, diesel prices today: Petrol and diesel prices were hiked again across the four metros on Friday, June 4, 2021. The prices have been increased 18 times since May 4. In the national capital, petrol prices were increased by 27 paise from Rs 94.49 per litre to Rs 94.76 per litre and diesel prices were hiked by 28 points from Rs 85.38 per litre to Rs 85.66 per litre, according to Indian Oil Corporation.

State-run oil refiners had hiked petrol and diesel prices on May 4, ending an 18-day hiatus in rate revision observed during the assembly elections held in states such as Tamil Nadu and West Bengal among others. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City)

Petrol had crossed the Rs 100 mark in Mumbai on May 29 and currently stand at Rs 100.98 per litre in the financial capital. Diesel is retailed at Rs 92.99 per litre in Mumbai. Moreover, the petrol rates had already crossed the Rs 100-mark in several cities of Madhya Pradesh and Rajasthan. Fuel rates vary across the states in the country due to value-added tax or VAT. 

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

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

Meanwhile, oil prices steadied on Thursday following two straight days of gains that took oil futures to highs not seen in a year, after weekly U.S crude stocks fell sharply while fuel inventories rose more than expected.

Brent futures settled at $71.31 a barrel, down 4 cents after touching its highest since May 2019 earlier in the session. U.S crude settled at $68.81 a barrel, losing 2 cents and WTI prices rose as high as $69.40, the strongest since October 2018, after gaining 1.5 per cent in the previous session.

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