Diesel crosses ₹100-mark in several cities
NEW DELHI: Petrol and diesel price soared to an all-time high across the country on Friday after rates were hiked again by 25 paise and 30 paise a litre, respectively.
The price of petrol in Delhi rose to its highest ever level of ₹101.89 a litre and to ₹107.95 in Mumbai, according to a price notification of state-owned fuel retailers.
Diesel rates too touched a record high of ₹90.17 in Delhi and ₹97.84 in Mumbai.
Prices differ from state to state depending on the incidence of local taxes.
The third increase in its rates this week has sent petrol prices above ₹100 in most major cities of the country.
Similarly, sixth increase prices eight days has shot up diesel rates above ₹100 mark in several cities in Madhya Pradesh (MP), Rajasthan, Odisha, Andhra Pradesh (AP) and Telangana.
Sri Ganganagar in Rajasthan —which has the costliest fuel in the country because of local taxes and additional freight because of it being right on the border—saw petrol price rise to ₹113.73 a litre and diesel to ₹103.9 per litre.
State-owned Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) resumed daily price revisions on September 24 after international oil prices neared a three-year high.
Global benchmark Brent crude is trading above $78 per barrel.
In six price increases since September 24, diesel rates have gone up by 1.55 paise per litre.
Petrol price has increased by 75 paise per litre in three instalments this week.
International crude oil prices have reached a nearly three-year high as global output disruptions have forced energy companies to draw more crude oil out of their stockpiles.
When international oil rates fell in July and August, retail prices of petrol and diesel in the Delhi market were reduced by ₹0.65 and ₹1.25 per litre.
Prior to that, 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.
India is dependent on imports to meet nearly 85% of its oil needs and so benchmarks local fuel rates to international oil prices.
THE PRICE OF PETROL IN DELHI ROSE TO ITS HIGHEST EVER LEVEL OF ₹101.89 A LITRE AND TO ₹107.95 IN MUMBAI