Fuel Prices Hiked Again; No Respite On Dusshera Day

Fuel prices continued their rise as oil marketing companies hiked petrol and diesel prices across on Dussehra. Petrol was hiked up by up to 35 paise per litre, diesel shot up by 37 paise per litre. This sent petrol prices to the highest-ever level of Rs. 105.14 per litre in Delhi, while the fuel will now cost you Rs. 101.78 per litre in Mumbai. Diesel retails at Rs. 93.87 per litre in the national capital, while it now costs Rs. 101.78 per litre in Mumbai. These are record-setting prices.

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Do note that prices differ across the country depending on the incidence of local taxes. The price hike began once again on October 14 this week after rates remain stagnant on October 12 and 13 respectively.

Oil companies revise petrol and diesel rates on a daily basis. It depends on the average price of benchmark fuel in the international market in the preceding 15-days and foreign exchange rates. At present, the international benchmark Brent crude has jumped to near $84 per barrel for the first time in seven years. Fuel prices have been on the uptick since September 24 for diesel and September 28 for petrol.

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Earlier this year, the price of petrol increased by Rs. 11.44 per litre between May 4 and July 17. Meanwhile, the diesel rate went up by Rs. 9.14 per litre during the same period. The latest price revision is the 14th time that petrol price has been hiked in two weeks, while diesel rates have gone up 17 times in the last three weeks.