Petrol and diesel prices differ from state to state depending on the incidence of local taxes. (Representative image)
Fuel rates rallied to their highest ever levels across the country on October 16, as petrol prices increased by 30 to 35 paise per litre and diesel prices hiked by 33 to 37 paise a litre, according to a price notification of state-owned fuel retailers.
The price of petrol in Delhi rose to its highest-ever level of Rs 105.49 a litre on the day with an increase of 35 paise on the day. Diesel price also increased by 35 paise and took the fuel rate to Rs 94.22 per litre in the financial capital.
In Mumbai, fuel prices witnessed a similar trend. The petrol price increased by 34 paise and retailed at Rs 111.43 a litre. The financial hub, on May 29, became the first metro in the country where petrol was being sold for more than Rs 100 per litre.
Diesel price also hiked by 37 paise and sold at Rs 102.15 per litre in Maharashtra’s capital.
The fuel prices surged in Kolkata too, where a litre of petrol and diesel were retailed at Rs 106.10 per litre and Rs 97.33 per litre, respectively.
Chennai also witnessed a price hike and retailed a litre of petrol at Rs 102.70. Diesel price also increased to Rs 98.59 per litre in Tamil Nadu’s capital.
Since the 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, including Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Chhattisgarh, Bihar, Kerala, Karnataka and Leh.
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.
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 $ 84.61 per barrel for the first time in seven years. A month back, Brent was trading at $ 73.51.(With inputs from PTI)