Petrol and diesel rates were hiked again on Friday, taking fuel prices across the country to a new record high.
In Delhi, petrol prices were increased by 25 paise from Rs 101.64 per litre to Rs 101.89 per litre, whereas diesel has become dearer by 30 paise from Rs 89.87 per litre to Rs 90.17 per litre.
Fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges.
In Mumbai, the retail price of petrol jumped to Rs 107.95 per litre on Friday. Diesel price also increased in the city by 32 paise per litre to reach Rs 97.84 a litre, the highest among metros.
In Chennai, petrol is retailed at Rs 99.58 and diesel at Rs 94.74 per litre while in Kolkata, petrol costs Rs 102.47 and diesel Rs 93.27 per litre.
International oil prices are at three year high with global benchmark Brent trading at USD 78.94 per barrel.
This spurt in global rates led state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) resuming daily price revisions on September 24, ending the pause in rates that came into effect from September 5.
In five price increases since September 24, diesel rates have gone up by 1.25 paise per litre, negating all of the price reductions that happened between July 18 and September 5. Petrol price has increased by 50 paise per litre in two installments this week.
Before this, diesel price was last increased on July 15. The last increase in petrol rate was on July 17.m 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 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.
The price hike during this period pushed petrol prices above the Rs 100-a-litre mark in more than half of the country, while diesel crossed that level in at least three states. 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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