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Wednesday, October 20, 2021

Diesel rises for 6th day straight, tops Rs 100 in Gandhinagar, Leh

According to a price notification of state-owned fuel retailers, petrol price saw a hike of 30 paise per litre while diesel saw an increase of 35 paise in prices.

By: ENS Economic Bureau | New Delhi |
Updated: October 11, 2021 3:20:55 am
The sixth straight day of price hike pushed fuel rates to a new record high. (Express Photo By Ganesh Shirsekar)

Diesel prices crossed the Rs 100-a-litre-mark in Gujarat’s Gandhinagar as well as Leh on Sunday, with fuel prices being hiked once more in sync with firming international oil prices.

According to a price notification of state-owned fuel retailers, petrol price saw a hike of 30 paise per litre while diesel saw an increase of 35 paise in prices.

Sunday was the sixth straight day of price hike, pushing fuel rates across several parts of the country to a new high.

In the national Capital, the price of petrol in Delhi rose to its highest-ever level of Rs 104.14 a litre, while in Mumbai it reached Rs 110.12 per litre, the notification showed. In Mumbai, diesel now comes for Rs 100.66 a litre; while in Delhi, it costs Rs 92.82.

After Mumbai and Hyderabad, diesel rates crossed the Rs 100-per-litre mark in Gandhinagar, the capital of Gujarat, and the Union Territory of Leh. Diesel now costs Rs 100.21 a litre in Gandhinagar and Rs 100.06 in Leh.

Bhopal, Raipur and Jaipur are other state capitals where diesel is above that mark. The relentless fuel price hike has also pushed petrol above the Rs 100 mark in all but one state capital, with Dehradun, Chandigarh and Guwahati joining that list. Ranchi is the only state capital with petrol less than that mark.

Prices differ from state to state depending on the incidence of local taxes. Shedding the modest price change policy, state-owned fuel retailers have since October 6 started passing on the larger incidence of cost to consumers.

For five days in a row, the price of petrol has been hiked by 30 paise a litre and diesel by 35 paise, the biggest rally in rates.

Prior to that, petrol price was increased by 25 paise and diesel by 30 paise.

This is because the international benchmark Brent crude has soared to over $82 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 ago, Brent was around $72 per barrel. Being a net importer of oil, India prices petrol and diesel at rates equivalent to international prices. The surge in global oil prices ended a three-week hiatus in rates on September 28 for petrol and September 24 for diesel. —With PTI Inputs

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