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Fuel prices hiked for sixth consecutive day; Petrol crosses Rs 110 mark in Mumbai

08:52 AM Oct 10, 2021 | FPJ Web Desk

Petrol and diesel prices were hiked across the country for the sixth consecutive day on Sunday.

Petrol price was increased by 30 paise per litre and diesel by 35 paise a litre in Delhi, according to a price notification of state-owned fuel retailers.

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In Mumbai, fuel rates continue to be the highest among the metro cities; petrol price was increased by 29 paise, as it touched Rs 110.12 for a litre while the diesel spiked by 37 paise to cost Rs 100.66 per litre.

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After a 30 paise hike, petrol now costs Rs 104.14 per litre in Delhi, while diesel price stands at Rs 92.82 per litre, after a spike of 35 paise.

In Kolkata, petrol prices soared to Rs 104.80 per litre and diesel prices to Rs 95.93 per litre on the day, while in Chennai, the rates increased to Rs 101.53 and Rs 97.26, respectively.

Prices differ from state to state depending on the incidence of local taxes.

Shedding the modest price change policy, state-owned fuel retailers have since Wednesday started passing on the larger incidence of cost to consumers. For five days in a row, the price of petrol 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 ago, 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.

Since then, diesel rates have gone up by Rs 3.85 paise per litre and petrol price has increased by Rs 2.65. 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.

(With inputs from PTI)

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