Petrol and diesel prices on Wednesday surged to all-time high levels as rates were hiked again after international oil prices hit the highest mark since 2014.
Petrol price was hiked by 30 paise a litre and diesel by 35 paise in Delhi, according to a price notification of state-owned fuel retailers.
In Mumbai, the retail price of petrol jumped to Rs 108.96 per litre on Wednesday. Diesel price also increased in the city by 37 paise per litre to reach Rs 99.17 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 30 paise from Rs 102.64 per litre to Rs 102.94 per litre, whereas diesel has become dearer by 35 paise from Rs 91.07 per litre to Rs 91.42 per litre.
In Chennai, petrol is retailed at Rs 100.49 and diesel at Rs 95.93 per litre while in Kolkata, petrol costs Rs 103.65 and diesel Rs 94.53 per litre.
International oil prices rallied to a near seven-year high following a decision by OPEC+ to maintain its planned gradual increase of supply, despite the market facing an energy crunch.
Global benchmark Brent jumped to USD 81.51 per barrel, while West Texas Intermediate rose to USD 77.76 a barrel. Being a net importer of oil, India prices petrol and diesel at rates equivalent to international prices. A month back Brent was less than USD 72 per barrel.
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, rates have gone up by Rs 2.45 paise per litre and petrol price has increased by Rs 1.50. 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)