FINANCIAL NEWS! Petrol has crossed the Rs 100-a-litre mark in Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, Odisha, Tamil Nadu, Kerala, Bihar, Punjab, Ladakh, Sikkim, Puducherry and Delhi. Oil companies revise rates of petrol and diesel daily based on the average price of model fuel in the international market in the foregoing 15 days, and foreign exchange rates. Petrol price today reached the price of Rs 106.97 a litre in Mumbai on a day. Diesel price has increased to Rs 97.5 per litre. Mumbai city, on 29th May, became the first metro in the country where petrol was being sold at over the Rs 100-a-litre mark. Diesel price also increased by 32 paise to reach Rs 97.5 per litre. Consecutively crossing Rs 100 in Delhi for two days the price of petrol is closer to 101. The fuel retailed at Rs 100.95 per litre in the national capital on the day, up by 39 paise. Chennai similarly saw an increase in petrol and diesel prices by 34 paise and 28 paise. With the latest modification, the price of petrol increased to Rs 101.71 per litre, while that of diesel reached Rs 94.43 per litre in Tamil Nadu’s capital. In the West Bengal capital, the petrol price was at Rs 100.62 per litre which increased to 101.05 per litre. Diesel price increased by 36 paise reaching 93.01 per litre. Kolkata surpassed the 101 bar. On 10th July there was the 38th increase hike in the price of petrol since May 4th, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal. However Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest VAT on petrol and diesel in the country.