Fuel price hike: Diesel at record high, petrol at all-time high as rates hiked again
Petrol and diesel prices touched near record lows across the country on Thursday, with rates hiked by 25 paise and 30 paise per liter respectively. According to the price notification of the state-owned fuel retailers, the price of petrol went up to Rs 101.64 per liter in Delhi and Rs 107.71 per liter in Mumbai.
Diesel prices increased to Rs 89.87 in Delhi and Rs 97.52 per liter in Mumbai. Prices vary from state to state depending on the incidence of local taxes.
This is the second hike in petrol prices and the fifth in case of diesel since the end of a three-week long hiatus in rate revision.
This hike took the retail price of petrol to a record high. Petrol had touched a record high of Rs 101.84 per liter in Delhi and Rs 107.83 per liter in Mumbai in July. For diesel, the increase touched an all-time high of Rs 89.87 per liter in Delhi in the same month.
International oil prices are at a three-year high with global benchmark Brent trading at $78.64 a barrel.
Due to this jump in global rates, state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) resumed daily price revision on September 24, with effect from September Rate stagnation ended. 5.
There have been five price hikes since September 24, with diesel prices increasing by 1.25 paise per liter, negating all the price cuts that took place between July 18 and September 5. Petrol price has been increased by 50 paise per liter in two installments this week. Earlier, the price of diesel was last increased on July 15. The last hike in petrol price was on July 17.
International crude oil prices have hit a nearly three-year high as global production disruptions have forced energy companies to extract more crude from their reserves. When international oil rates fell in July and August, retail prices of petrol and diesel were reduced by Rs 0.65 and Rs 1.25 per liter in the Delhi market.
Earlier, between May 4 and July 17, the price of petrol was increased by Rs 11.44 per liter. During this, the price of diesel had increased by Rs 9.14.
Price hikes during this period pushed petrol prices above Rs 100 a liter in more than half of the country, while diesel crossed that level in at least three states. India is dependent on imports to meet about 85 per cent of its oil needs and therefore benchmarks local fuel rates to international oil prices.
(with inputs from agencies)
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