Fuel rates on fire! Petrol, diesel prices hiked again

Fuel prices continued their upward streak on a fourth straight day to touch fresh lifetime highs across the country on the back of a rally in international oil prices.

Petrol price was hiked by 30 paise in Delhi to reach Rs 103.54 per litre, while diesel price was increased by 35 paise to Rs 92.12 per litre. Mumbai saw petrol price soaring to Rs 109.54 per litre, up 29 paise, while diesel costs Rs 99.92 a litre in the financial capital.

In Kolkata, petrol surged to a record Rs 104.23 per litre and diesel Rs 95.23 a litre, while in Chennai, petrol price stood at Rs 101.01 per litre and diesel at Rs 96 a litre.

Petrol prices, which is dictated by the incidence of local taxes and freight, had already crossed the Rs 100 mark in several places in Uttar Pradesh and Gujarat.

The international benchmark Brent crude has soared to over $82 per barrel after the decision by OPEC+ not to increase output more than 0.4 million barrels per day, fuel rates are being increased by a larger proportion.

A month back, Brent was around $72 per barrel.

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 3.5 paise per litre and petrol price has increased by Rs 2.35.

Prior to the July/August price cuts, 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.

(Inputs from PTI)

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