Petrol and diesel prices soared to new record highs across the country on October 3 after rates were hiked again following the international oil price hike.
Petrol price increased by 21 to 30 paise per litre across India on the day, while diesel price increased by 29 to 32 paise per litre, according to a price notification by state-run oil companies.
The price hike revised the price of petrol to its highest ever level of Rs 102.39 a litre in Delhi and to Rs 108.43 in Mumbai. Diesel rates too touched a record high of Rs 90.77 in Delhi and Rs 98.48 a litre in Mumbai.
The fifth increase in its rates this week has sent petrol prices above Rs 100 in most major cities of the country, including Chennai where a litre of petrol sold at Rs 100.01. Diesel price also revised to Rs 95.31 per litre in Tamil Nadu’s capital.
In Kolkata, the price revision in petrol push its price above Rs 103 per litre. The fuel retailed at Rs 103.07 per litre in West Bengal’s capital. Diesel price also witnessed a hike here and retailed at Rs 93.87 per litre on the day.
Prices differ from state to state depending on the incidence of local taxes.
The price hike follows international oil prices soaring to near three-year high as global output disruptions forced energy companies to draw more crude oil out of their stockpiles. The basket of crude oil India imports has averaged $78 per barrel in last few days.
This was the eighth increase in diesel prices in 10 days, which has shot up the fuel rates above Rs 100 mark in several cities in Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh and Telangana.
State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) resumed daily price revisions on September 24 after international oil prices neared a three-year high. Global benchmark Brent crude is trading above $78 per barrel.
When international oil rates fell in July and August, retail prices of petrol and diesel in the Delhi market were reduced by Rs 0.65 and Rs 1.25 per litre. Prior to that, 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.
India is dependent on imports to meet nearly 85 per cent of its oil needs and so benchmarks local fuel rates to international oil prices.