Petrol, diesel prices to continue to pinch your pocket

Petrol, diesel prices will continue to pinch your pocket as fuel rates continued their upward streak on a fifth straight day to touch new 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 103.84 per litre, while diesel price was increased by 35 paise to Rs 92.47 per litre. Mumbai saw petrol price soaring to Rs 109.83 per litre, up 29 paise, while diesel costs Rs 100.29 a litre in the financial capital.

In Kolkata, petrol surged to a record Rs 104.23 per litre and diesel Rs 95.58 a litre, while in Chennai, petrol price stood at Rs 101.27 per litre and diesel at Rs 96.93 a litre.

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 Wednesday started passing on the larger incidence of cost to consumers. For four days in a row, the price of petrol has been hiked by 30 paise a litre and diesel by 35 paise, the biggest rally in rates.

This is because the international benchmark Brent crude has soared to over USD 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 ago, 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 3.85 paise per litre and petrol price has increased by Rs 2.65.

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.

(With agency inputs)

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(With PTI inputs)