In Delhi, petrol was risen by 35 paise a litre as the prices touched fresh record highs after it was hiked for the seventh consecutive day across the country on Tuesday, November 2, 2021. However, diesel prices remained unchanged.
According to reports, Petrol in Delhi is now retailing at Rs 110.04 a litre while diesel is selling at Rs 98.42. In the financial capital Mumbai, petrol price now stands at Rs 115.85 while diesel costs Rs 106.62, data available on Indian Oil Corporation's website showed.
The fuel prices in India differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels.
The OMCs revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
Oil prices rose in the international market on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world's top oil consumer China ramped up operating rates to meet a spike in diesel demand, news agency Reuters reported earlier in the day.
Brent crude futures gained 28 cents (0.3 per cent) to $84.99 a barrel by 0117 GMT while US West Texas Intermediate (WTI) crude futures rose by 19 cents (0.2 per cent) to $84.24 a barrel, the report said.
