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Saturday, October 23, 2021

Petrol, diesel at new highs across country after latest price hike

In Delhi, the price of petrol rose to its highest ever level of Rs 102.14 a litre and in Mumbai, to Rs 108.19, according to a price notification of state-owned fuel retailers.

By: ENS Economic Bureau | New Delhi |
October 3, 2021 3:29:15 am
Diesel rates, too, touched a record high of Rs 90.47 in Delhi and Rs 98.16 a litre in Mumbai.

Petrol and diesel prices shot to new all-time highs in several parts of the country on Saturday, as rates were hiked again by 25 paise and 30 paise a litre, respectively.

In Delhi, the price of petrol rose to its highest ever level of Rs 102.14 a litre and in Mumbai, to Rs 108.19, according to a price notification of state-owned fuel retailers.

Diesel rates, too, touched a record high of Rs 90.47 in Delhi and Rs 98.16 a litre in Mumbai.

Prices of the two fuels differ from state to state depending on the incidence of local taxes.

The price hike follows international oil prices soaring to near three-year high as global output disruptions forced energy companies to draw more crude oil out of their stockpiles.

The basket of crude oil India imports has averaged $78 per barrel in last few days. The fourth increase in its rates this week has sent petrol prices above Rs 100 in most major cities of the country.

Similarly, the seventh increase in prices in nine days has shot up diesel rates above Rs 100 mark in several cities in Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh and Telangana.

State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) resumed daily price revisions on September 24 after international oil prices neared a three-year high. Global benchmark Brent crude is trading above $78 per barrel.

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