Petrol and diesel prices surged to record all all-time high levels across the metro cities on Thursday.
In Mumbai, fuel rates continue to be the highest among the metro cities; petrol price was increased by 29 paise, as it touched Rs 109.25 for a litre while the diesel spiked by 38 paise to cost Rs 99.55 per litre.
After a 30 paise hike, petrol now costs Rs 103.24 per litre in Delhi, while diesel price stands at Rs 91.77 per litre, after a spike of 35 paise.
In Kolkata, petrol costs Rs 103.94 per litre, up 29 paise, and diesel at Rs 94.88 per litre as it was increased by 35 paise while the petrol price now stands at Rs 100.75 per litre in Chennai, up 26 paise, and diesel was hiked by 33 paise to cost Rs 95.26 per litre.
Rates have been increased across the country and differ from state to state depending on the incidence of value-added tax. The fuel prices continue to soar across the country and have crossed Rs 100 in many states.
Fuel prices in the country have been hovering at record levels on account of 41 increases in retail rates since April this year. Prices fell on few occasions but largely remained constant.
After rising over three year high level of $80 a barrel earlier this week, the global benchmark came down to $78 a barrel and now is again up to $82 a barrel while OPEC+ has decided to stick to its marginal production easing plan and the market remains tight.
Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $8-9 per barrel as compared to average prices during August.
Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices becomes effective from morning at 6 am.
The daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
But, the fluctuations in global oil prices have prevented OMCs from following this formula in totality and revisions are now being made with longer gaps. This has also prevented companies from increasing fuel prices whenever there is a mismatch between globally arrived and pump price of fuel.
(With inputs from ANI)
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