Petrol and diesel prices soared to new record highs across the country on Sunday after rates were hiked again by 25 paise and 30 paise a litre, respectively.
In Mumbai, the retail price of petrol jumped to Rs 108.43 per litre on Sunday. Diesel price also increased in the city by 32 paise per litre to reach Rs 98.48 a litre, the highest among metros.
Fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges.
In Delhi, petrol prices were increased by 25 paise from Rs 102.14 per litre to Rs 102.39 per litre, whereas diesel has become dearer by 30 paise from Rs 90.47 per litre to Rs 90.77 per litre.
In Chennai, petrol is retailed at Rs 100.01 and diesel at Rs 95.31 per litre while in Kolkata, petrol costs Rs 103.07 and diesel Rs 93.87 per litre.
The price hike follows international oil prices soaring to a near three-year high as global output disruptions forced energy companies to draw more crude oil out of their stockpiles. The basket of crude oil India imports has averaged USD 78 per barrel in last few days.
The hike in petrol and diesel prices has sent petrol prices above Rs 100 in most major cities of the country. State-owned Indian Oil Corp (IOC), 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 USD 78 per barrel.
In seven price increases since September 24, diesel rates have gone up by 1.85 paise per litre. Petrol price has increased by Re 1 per litre in four instalments this week. When international oil rates fell in July and August, retail prices of petrol and diesel in the Delhi market were reduced by Rs 0.65 and Rs 1.25 per litre.
Prior to that, 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. India is dependent on imports to meet nearly 85 per cent of its oil needs and so benchmarks local fuel rates to international oil prices.
(With inputs from PTI)
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