Petrol, Diesel Prices Hit All-Time Highs As Rates Hiked For 2nd Day In A Row
The spurt in global rates led state-owned oil companies resuming daily price revisions on September 24
Mumbai: After a Hike in the prices of petrol and diesel rates on Friday, the fuel prices across the country have reached a new record high.
In Delhi, petrol prices were increased by 25 paise from Rs 101.64 per litre to Rs 101.89 per litre, whereas diesel by 30 paise from Rs 89.87 per litre to Rs 90.17 per litre.
In Mumbai, the retail price of petrol jumped to Rs 107.95 per litre & Diesel at Rs 97.84 as increase by 32 paise, the highest among metros.
In Chennai, petrol is retailed at Rs 99.58 and diesel at Rs 94.74 per litre while in Kolkata, petrol costs Rs 102.47 and diesel Rs 93.27 per litre.
Fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges.
International oil prices are at three years high as global output disruptions have forced energy companies to draw more crude oil out of their stockpiles, with global benchmark Brent trading at USD 78.94 per barrel.
This spurt in global rates led state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) to resume daily price revisions on September 24, ending the pause in rates that came into effect from September 5.
In five price increases since September 24, diesel rates have gone up by 1.25 paise per litre, negating all of the price reductions that happened between July 18 and September 5. Petrol price has increased by 50 paise per litre in two instalments this week.
Before this, diesel & petrol price was last increased on July 15 & 17 respectively. When international oil rates fell in July and August, retail prices of petrol and diesel in the Delhi market were reduced by Rs 0.65 and Rs 1.25 per litre.
Prior to that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17. Diesel rate had gone up by Rs 9.14 during this period. The price hike during this period pushed petrol prices above the Rs 100-a-litre mark in more than half of the country, while diesel crossed that level in at least three states.
India is dependent on imports of fuel to meet nearly 85% of its oil needs.
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