Petrol-Diesel / Petrol, diesel prices hiked for 6th day in a row; petrol crosses ₹110 mark in Mumbai

Zoom News : Oct 10, 2021, 02:04 PM
New Delhi: Petrol price was hiked by 30 paise per litre and diesel by 35 paise a litre, according to a price notification of state-owned fuel retailers.

The sixth straight day of price hike pushed fuel rates to a new record high.

The price of petrol in Delhi rose to its highest-ever level of ₹104.14 a litre and ₹110.12 per litre in Mumbai, the notification showed.

In Mumbai, diesel now comes for ₹100.66 a litre; while in Delhi, it costs ₹92.82.

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

Petrol has become costlier at  ₹104.80 in Kolkata whereas diesel is being sold at  ₹95.93. Meanwhile, in Tamil Nadu's capital city Chennai, petrol price has been hiked to  ₹101.53 and diesel is being retailed at  ₹97.26.

Shedding the modest price change policy, state-owned fuel retailers have since Wednesday started passing on the larger incidence of cost to consumers. For four days in a row, the price of petrol has been hiked by 30 paise a litre and diesel by 35 paise, the biggest rally in rates.

This is because the international benchmark Brent crude has soared to over USD 82 per barrel after the decision by OPEC not to increase output more than 0.4 million barrels per day, fuel rates are being increased by a larger proportion.

A month ago, Brent was around USD 72 per barrel.

Being a net importer of oil, India prices petrol and diesel at rates equivalent to international prices.

The surge in international oil prices ended a three-week hiatus in rates on September 28 for petrol and September 24 for diesel.

Since then, diesel rates have gone up by ₹3.85 paise per litre and petrol price has increased by ₹2.65.

Prior to the July/August price cuts, the petrol price was increased by ₹11.44 a litre between May 4 and July 17. Diesel rate had gone up by ₹9.14 during this period.