Prices of fuel kept on breaking records with petrol being raised by 26 to 30 paise . Diesel by 34 to 37 paise across the country. Wednesday saw the back of crude oil soaring to 2014 highs in the international markets.
The latest round of hike sent the petrol price in Delhi to its record high of Rs 102.94 a litre . It is priced at Rs 108.96 in Mumbai. Diesel rates, too, touched a record Rs 91.42 in Delhi and Rs 99.17 in Mumbai.
Kolkata’s Oil Price
In Kolkata, petrol prices soared to Rs 103.65 per litre. Diesel prices are Rs 94.53 per litre on the day. Meanwhile in Chennai, the fuels sold for Rs 100.49 a litre and Rs 95.93 a litre.
Petrol and diesel prices differ across states, depending on the incidence of local taxes.
7 rounds of price hike
This is the seventh increase in fuel rates in around a week’s time. has sent petrol prices above Rs 100 in most major cities of the country. Similarly, the tenth increase in prices in less than two weeks has shot up diesel rates above Rs 100 mark in several cities in Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh and Telangana.
International oil prices rallied to a near seven-year high following a decision by OPEC+ to maintain its planned gradual increase of supply, despite the market facing an energy crunch. Global benchmark Brent jumped to $81.51 per barrel, while West Texas Intermediate rose to $77.76 a barrel.
Being a net importer of oil, India prices petrol and diesel at rates equivalent to international prices. A month back Brent was less than $72 per barrel.
Instead, petrol went cheaper by Rs 0.65 a litre and diesel by Rs 1.25. However, with no respite from surging international prices, OMCs began increasing the retail selling price of petrol and diesel with effect from September 28 and September 24, respectively.
Prior to the July-August price cuts, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17 and diesel by Rs 9.14.
Opposition parties who have demanded that the government cut record excise duty on the two fuels to give relief to consumers. The government has so far not agreed to the demand.
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