Petrol and diesel prices hiked across the country on October 9 as rates rose for the fourth day in a row. In response to a surge in international oil prices.
According to state-owned fuel merchants, the price of Petrol has risen by 30 paise per litre. The price of diesel has increased by 35 paise per litre.
Petrol prices hit all-time highs in Delhi and Mumbai. Climbing Rs 103.54 per litre in Delhi and Rs 109.54 per litre in Mumbai.
Diesel prices in Delhi climbed a new high of Rs 92.12 per litre and inched closer to Rs 100 per litre in Mumbai. In Maharashtra’s capital, a litre of Petrol retails at Rs 99.92.
Oil refineries such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum adjust petrol and diesel rates on a daily basis. Rates are based on worldwide crude oil prices and rupee-dollar exchange rates. Every day at 6 a.m., any adjustments in gasoline and diesel prices become operative.
Meanwhile, oil futures rose on Thursday. Indicating that the US will release emergency crude stockpiles or impose export restrictions to alleviate supply shortages.
Brent futures were up 87 cents, or 1.1 percent, to $81.95 a barrel.US crude hike 87 cents, or 1.1 percent, to $78.30 per barrel.
Stay tuned with Artifex.News for further updates. Stay Connected, Stay Informed!
Image Credits: Wikimedia Commons