Petrol prices increased by 30 to 35 paise per litre while diesel prices surged by 34 to 37 paise per litre across the country on October 29, according to price notification from state-owned fuel retailers. The second consecutive increase that follows the unrelenting hike in international oil prices has pushed the fuel rates across the country to their highest-ever levels.
In Delhi, with the latest revision of 35 paise a litre, the price of petrol rose to its fresh high of Rs 108.64 a litre, while a 35-paise hike took diesel rate to Rs 97.37 per litre.
In Mumbai, a litre of petrol was retailed at Rs 114.47, up by 33 paise. It became the first metro in the country where petrol was sold for more than Rs 100 per litre on May 29. Diesel price also increased by 37 paise and sold at Rs 105.49 per litre in the city on Thursday.
Kolkata recorded a price hike of 34 paise and retailed a litre of petrol at Rs 109.12. Diesel price also increased by 35 paise and sold at Rs 100.49 per litre.
The fuel prices surged in Chennai too, where a litre of petrol and diesel were retailed at Rs 105.43 per litre and Rs 101.59 per litre, respectively.
Petrol and diesel prices differ from state to state, depending on the incidence of local taxes.
Petrol price has been hiked on 24 occasions since September 28, when a three-week-long hiatus in rate revision ended. In all, prices have gone up by Rs 7.44 a litre. Diesel rates have been increased by Rs 8.87 per litre in 26 hikes since September 24.
Prior to that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17. The diesel rate had gone up by Rs 9.14 per litre during this period.
With rising petrol and diesel prices driving up demand for its CNG vehicles, the country's largest carmaker Maruti Suzuki India plans to widen its CNG portfolio by offering the fuel option in four more models 'very shortly', according to a senior company official. The company, which plans to launch an electric vehicle (EV) in the Indian market by 2025, is also currently keeping a close watch on the country's EV ecosystem "to find out what is the best way of evolution" to be able to offer affordable EVs with hassle free charging infrastructure in order to clock high volumes for a sustainable business.
Cooking gas LPG prices may be hiked next week after under-recovery on the fuel widened to over Rs 100 per cylinder, reported news agency PTI citing sources. According to the report, the sources said that the rate hike, including the quantum of increase, is dependent on government permission. If allowed, this will be the fifth increase in cooking gas rates across all categories of households using subsidised gas for cooking and heating purposes, non-subsidised fuel and industrial-sized gas.
LPG rates were last hiked by Rs 15 per cylinder on October 6, taking the total increase in rates since July to Rs 90 per 14.2-kg cylinder. Sources with direct knowledge of the matter said state-owned oil marketing companies have not been allowed to align retail selling price with the cost, and no government subsidy has so far been approved to bridge the gap.
