Petrol-Diesel / Petrol, diesel prices hiked for 2nd straight day

Zoom News : Oct 06, 2021, 02:39 PM
New Delhi: Petrol and diesel prices have been hiked for the second consecutive day on Wednesday, sending retail rates to all-time high levels, with a "substantial" increase in the offing in coming days as international oil prices touched a seven-year high.

In Delhi, the petrol price has been increased by 30 paise from ₹102.64 per litre to ₹102.94 per litre.  Diesel has become expensive by 35 paise from ₹91.07 per litre to ₹91.42 per litre, according to oil marketing companies (OMCs).

In Mumbai, fuel rates remain the highest among the metro cities. Petrol is being retailed in the financial capital at ₹108.96 per litre and diesel at ₹99.17 per litre.

State-owned fuel retailers have in the past few days resorted to modest increases to align domestic rates with cost. But with international benchmark Brent crude soaring to USD 82.37 per barrel as a result of the decision by OPEC not to increase output more than 0.4 million barrels per day, fuel rates are bound to rise.

"Substantial" increase is on the cards to bridge the gap between cost and sale price, according to industry experts.

PTI sources said oil companies had kept increases to a modest level in anticipation of correction in crude oil and petroleum product prices in the international market.

Prices differ from state to state depending on the incidence of local taxes.