Petrol, Diesel Prices Hiked Again

Petrol and diesel prices soared to new record highs across the country on Saturday after the prices were hiked again by 25 paise and 30 paise a litre respectively.

With the new rates, the price of petrol in Delhi rose to its highest ever level of Rs 102.14 a litre and to Rs 108.19 in Mumbai, 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 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 USD 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 USD 78 per barrel.

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