Mumbai: After  a small raise of 11 paise per liter, petrol prize in mumbai hit a record rate of Rupees 90 per litter on Monday,  stated Indian Oil Corporation (IOC).
Fuel prices rose  between 5 paise and 12 paise across the four metro cities in line with global oil prices and a weakening rupee. A litre of petrol in Mumbai costs Rs 90.08, while the price in Delhi is Rs 82.72. Diesel, meanwhile, is being sold at Rs 78.58 per litre in Mumbai and Rs 74.02 per litre in Delhi. In Patna, petrol is priced at Rs 91.96/litre –one among the highest in the country — and diesel at Rs 79.68/litre.

According to Indian Oil Corporation (IOC), the largest fuel retailer in India, petrol is retailing at Rs 83.37/litre in Bengaluru, Rs 82.14/litre in Lucknow, Rs 84.54/ litre in Kolkata, Rs 87.70/litre in Hyderabad, Rs 85.17/litre in Guwahati and 85.99/litre in Chennai. Diesel prices too registered a surge in major metros across the country. In Bengaluru diesel is priced at Rs 74.40/litre, in Lucknow at Rs 74.15/litre, in Kolkata at Rs 75.87/litre, in Hyderabad at Rs 80.51/litre, in Guwahati at Rs 77.40/litre and in Chennai at Rs 78.26/litre.

Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes. Mumbai has the highest sales tax or Value Added Tax. Mumbai, on the other hand, has the highest sales tax or VAT. Maharashtra levies 25 per cent value-added tax (VAT) on petrol in Mumbai, in addition to a surcharge of Rs 9 for a litre across the state. For diesel, the VAT is 21 per cent in Mumbai, with a surcharge of Rs 1 for a litre across the state. Last week petrol price breached the 90 rupees mark in ten districts across Maharashtra.

Globally, oil prices rose as US markets tightened just weeks ahead of Washington's plan to impose new sanctions against Iran, with American bank J.P. Morgan warning of price spikes above $90 per barrel in coming months.

The rise in petrol prices was 11 paise each in Delhi and Mumbai, 10 paise in Kolkata and 12 paise in Chennai. The increase in diesel prices was 5 paise each in Delhi, Kolkata and Mumbai and 6 paise in Chennai. Fuel prices have risen by more than Rs 5 per litre -- the most in any one-month period since the daily revision in fuel prices was introduced in June last year.