08 October,2021 12:46 PM IST | New Delhi | PTI
This picture has been used for representational purpose
Petrol price on Friday was hiked by 30 paise a litre and diesel by 35 paise per litre as domestic fuel prices witnessed possibly the largest rally in rates. The price of petrol in Delhi rose to its highest-ever level of Rs 103.54 a litre and to Rs 109.54 per litre in Mumbai, according to a price notification of state-owned fuel retailers.
Diesel rates too touched a record high of Rs 92.12 in Delhi and inched closer to the Rs 100-a-litre mark in Mumbai. It currently costs Rs 99.92 a litre in Mumbai. Prices differ from state to state depending on the incidence of local taxes.
Shedding its modest price change policy, state-owned fuel retailers have since Wednesday started passing on the larger incidence of cost to consumers. For three days in a row, petrol price 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 back, Brent was around USD 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.
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Since then, diesel rates have gone up by Rs 3.5 paise per litre and petrol price has increased by Rs 2.35. 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.
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