Petrol and diesel prices across the country soared to all-time high levels as rates were hiked for the fourth consecutive day on Friday, in line with the spurt in international oil prices.
Petrol price was increased by 30 paise per litre and diesel by 35 paise a litre in Delhi, according to a price notification of state-owned fuel retailers.
In Mumbai, fuel rates continue to be the highest among the metro cities; petrol price was increased by 29 paise, as it touched Rs 109.54 for a litre while the diesel spiked by 37 paise to cost Rs 99.92 per litre.
After a 30 paise hike, petrol now costs Rs 103.54 per litre in Delhi, while diesel price stands at Rs 92.12 per litre, after a spike of 35 paise.
In Kolkata, petrol prices soared to Rs 104.23 per litre and diesel prices to Rs 95.23 per litre on the day, while in Chennai, the rates increased to Rs 101.01 and Rs 96.60, respectively.
Petrol and diesel prices differ across states, depending on the incidence of local taxes.
State-owned fuel retailers have in the past few days resorted to modest increases to align domestic rates with cost. But with international benchmark Brent crude soaring to USD 81 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 back Brent was around USD 72 per barrel. Being a net importer of oil, India prices petrol and diesel at rates equivalent to international prices.
With international crude oil prices moving in both directions during July and August, no price increase was carried out by oil marketing companies (OMCs) from July 18 to September 23. Instead, petrol price was cut by Rs 0.65 a litre and diesel by Rs 1.25.
However, with no respite from surging international prices, OMCs have started to increase the retail selling price of petrol and diesel with effect from September 28 and September 24, respectively.
Since then, diesel rates have gone up by Rs 3.15 paise per litre and petrol price has increased by Rs 2.15. 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.
(With inputs from PTI)