Fuel prices at all-time high after fifth consecutive hike; diesel crosses ₹100-mark in Mumbai

Petrol and diesel prices hit a new high across the country on Saturday as the fuel price hiked for the fifth consecutive day, ranging from 26 paise to 35 paise.

In Delhi, the petrol price was hiked by 30 paise per litre, taking it to Rs 104.23. While diesel costs Rs 92.47 per litre, a 35 paise increase.

In Mumbai, petrol costs Rs 109.83 per litre, a 29-paisa rise, while diesel costs Rs 100.29 per litre, a 37-paisa increase.

In Kolkata, petrol costs Rs 104.52 per litre, which is 29 paise more expensive while the price of diesel as of Saturday is 95.58 per litre, up by 35 paise.

Whereas, the prices of petrol and diesel in Chennai is Rs 101.27 and 96.93 per litre, respectively, up by 26 paise.

Prior to the July/August price cuts, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17.

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

Shedding its modest price change policy, state-owned fuel retailers have since Wednesday started passing on the larger incidence of cost to consumers.

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

This is because the international benchmark Brent crude has soared to over USD 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 back, Brent was around USD 72 per barrel. Being a net importer of oil, India prices petrol and diesel at rates equivalent to international prices.

The surge in international oil prices ended a three-week hiatus in rates on September 28 for petrol and September 24 for diesel.

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