Petrol And Diesel Prices Hit A New Record High With Latest Price Hike

Petrol and diesel prices in India hit a new record as prices were revised today across the country. The price of petrol was hiked to Rs 101.89, an increment of 25 paise from yesterday's Rs. 101.64 per litre in Delhi. Meanwhile, petrol prices in Mumbai stood at Rs. 107.95 per litre, according to the price notification shared by the Indian Oil Corporation. Diesel prices stood at Rs. 90.17 per litre in Delhi, a hike of 30 paise. In Mumbai, diesel retails from Rs. 97.84 onwards. Fuel rates vary across the states due to value-added tax (VAT).

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People Kolkata now have to shell out Rs. 102.47 per litre for petrol and Rs. 93.27 per litre for diesel. In Chennai, petrol prices stand at Rs. 99.58 per litre, while diesel is priced at Rs. 94.74 per litre.

Petrol prices have gone up three times in the past few weeks, and diesel has witnessed its sixth hike

This is the third price increase in petrol and the sixth hike for diesel since the end of a three-week-long hiatus in rate revision. In the five price hikes since September 24, 2021, diesel rates have gone up by Rs. 1.25 per litre, compensating in a way to the price reduction that happened between July 18 and September 5 this year. Prior to July, prices for petrol had already increased by Rs. 11.44 per litre, while diesel went up by Rs. 9.14 between May and July 2021.

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One of the reasons for the latest hike has been the international oil prices that are at a three-year high with global benchmark Brent trading at $78.64 per barrel. The increment in global rates have led state-owned IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) to resume price revisions on a daily basis. Fuel rates are revised every day at 6 am.