Petrol and diesel price on Saturday was hiked again by 35 paise a litre to take retail rates across the country to new record highs. With this hike, petrol is now at Rs 100-a-litre mark or more in all state capitals, while diesel has touched the 100-level in a dozen states. Diesel is nearing Rs 100-a-litre mark in Goa and Bengaluru.
The price of petrol in Delhi rose to its highest-ever level of Rs 105.49 a litre and Rs 111.43 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel now comes for Rs 102.15 a litre; while in Delhi, it costs Rs 94.22.
This is the third straight day of 35 paise per litre hike in petrol and diesel prices. There was no change in rates on October 12 and 13. Since ending of a three-week long hiatus in rate revision in the last week of September, this is the 15th increase in petrol price and the 18th time that diesel rates have gone up.
While petrol price in most of the country is already above Rs 100-a-litre mark, diesel rates have crossed that level in a dozen states/UT including Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Chattisgarh, Bihar, Kerala, Karnataka and Ladakh. In Panaji, diesel now costs Rs 99.56 a litre while in Bengaluru it comes for Rs 99.97 per litre and Silvassa for Rs 99.86.
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.
This is because the international benchmark Brent crude is trading at USD 84.8 per barrel for the first time in seven years. A month back, Brent was trading at USD 73.51.
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.
Since then, diesel rates have gone up by Rs 5.6 per litre and petrol price has increased by Rs 4.30 a litre. Prior to that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17. Diesel rate had gone up by Rs 9.14 a litre during this period.