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 Rs 104.14 a litre and Rs 110.12 per litre in Mumbai, the notification showed. In Mumbai, diesel now comes for Rs 100.66 a litre; while in Delhi, it costs Rs 92.82.
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Prices differ from state to state depending on the incidence of local taxes. Petrol has become costlier at Rs 104.80 in Kolkata whereas diesel is being sold at Rs 95.93. Meanwhile, in Tamil Nadu’s capital city Chennai, petrol price has been hiked to Rs 101.53 and diesel is being retailed at Rs 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.
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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 Rs 3.85 paise per litre and petrol price has increased by Rs 2.65. Prior to the July/August price cuts, 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.
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