Petrol and diesel prices: Fuel rates hiked in metro cities today
Petrol, Diesel Price Today: Petrol and diesel prices hit new record highs on Saturday, October 16 as rates were hiked for the third consecutive day tracking the rise in global crude oil prices. According to the Indian Oil Corporation, the price of petrol in the national capital increased by 35 paise to Rs 105.49 per liter from Rs 105.14 per liter, while the price of diesel was also increased by 35 paise from Rs 93.87 to Rs 94.22.
In Mumbai, petrol prices rose by 34 paise to Rs 111.43 per litre, and diesel prices crossed Rs 102 – currently being sold at Rs 102.15 per litre. Of the four metro cities, Mumbai has the highest fuel rates, according to state-run oil refiners. Fuel rates vary from state to state due to Value Added Tax or VAT. (Too Reading: How to check latest petrol and diesel rates in your city)
Petrol and diesel prices in metro cities are as follows:
State-run oil refiners such as Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel rates on a daily basis, taking into account crude oil prices and rupee-dollar exchange rates in international markets. Any change in the prices of petrol and diesel is effective from 6 am every day.
On Friday, October 15, oil prices settled at a three-year high at $85 a barrel, fueled by forecasts of a supply deficit over the next few months as the easing of Covid-related restrictions boosted demand.
Brent crude futures were up 86 cents, or one per cent, at $84.86 a barrel. The first month that the price touched its highest level of $85.10 since October 2018 rose three percent weekly – its sixth consecutive weekly gain. US West Texas Intermediate (WTI) crude futures rose 97 cents, or 1.2 per cent, to $82.28 a barrel.
.