New Delhi- Petrol and diesel price soared to an all-time high across the country on Friday after rates were hiked again by 25 paise and 30 paise a litre, respectively.
The price of petrol in Delhi rose it its highest ever level of Rs 101.89 a litre and to Rs 107.95 in Mumbai, according to a price notification of state-owned fuel retailers.
Diesel rates too touched a record high of Rs 90.17 in Delhi and Rs 97.84 in Mumbai.
Prices differ from state to state depending on the incidence of local taxes.
The third increase in its rates this week has sent petrol prices above Rs 100 in most major cities of the country.
Similarly, sixth increase prices eight days has shot up diesel rates above Rs 100 mark in several cities in Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh and Telangana.
Sri Ganganagar in Rajasthan – which has the costliest fuel in the country because of local taxes and additional freight because of it being right on the border – saw petrol price rise to Rs 113.73 a litre and diesel to Rs 103.9 per litre.
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 USD 78 per barrel.
In six price increases since September 24, diesel rates have gone up by 1.55 paise per litre. Petrol price has increased by 75 paise per litre in three instalments this week.
International crude oil prices have reached a nearly three-year high as global output disruptions have forced energy companies to draw more crude oil out of their stockpiles.
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.
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