Petrol and diesel prices differ from state to state depending on the incidence of local taxes. (Representative image: Pixabay)
A day after the increment in petrol and diesel prices, the fuel rates remained unchanged on September 29, according to a price notification by state-run oil companies.
Petrol price in Delhi was increased to Rs 101.39 a litre and diesel to Rs 89.57 per litre on September 28. The prices remained the same on September 29 in the national capital.
In Mumbai, fuel prices witnessed a similar trend. The petrol price remained unchanged and retailed at Rs 107.47 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 remained the same and sold at Rs 97.21 per litre in Maharashtra’s capital.
The fuel prices remain unchanged in Kolkata too, where a litre of petrol and diesel were retailed at Rs 101. 87 and 92.67, respectively.
Chennai also retailed a litre of petrol at the same price - Rs 99.15. Diesel price also remained unchanged at Rs 94.17 per litre in Tamil Nadu’s capital.
Petrol and diesel prices differ from state to state depending on the incidence of local taxes.
The September 28 hike was the first price increase in petrol in more than two months and the fourth in case of diesel. The increase followed international oil prices rising for the fifth consecutive day and global benchmark Brent heading for $80 per barrel.
In four price increases since September 24, diesel rates have gone up by 95 paise per litre. This negates three-fourths of the Rs 1.25 a litre cut in prices that happened between July 18 and September 5. Before this, diesel price was last increased on July 15. The last increase in petrol rate was on July 17.
International crude oil prices have reached a nearly three-year high as global output disruptions have forced energy companies to draw more crude oil out of their stockpiles. Accordingly, US crude oil inventory levels are also nearing a three-year low.
When international oil rates fell in July and August, retail prices of petrol and diesel in the Delhi market were reduced by Rs 0.65 and Rs 1.25 per 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 during this period.
The price hike during this period pushed petrol prices above the Rs 100-a-litre mark in more than half of the country, while diesel crossed that level in at least three states. India is dependent on imports to meet nearly 85 per cent of its oil needs and so benchmarks local fuel rates to international oil prices.(With inputs from PTI)