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 ₹ 101.64 per litre in Delhi. Meanwhile, petrol prices in Mumbai stood at ₹ 107.95 per litre, according to the price notification shared by the Indian Oil Corporation. Diesel prices stood at ₹ 90.17 per litre in Delhi, a hike of 30 paise. In Mumbai, diesel retails from ₹ 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 ₹ 102.47 per litre for petrol and ₹ 93.27 per litre for diesel. In Chennai, petrol prices stand at ₹ 99.58 per litre, while diesel is priced at ₹ 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 ₹ 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 ₹ 11.44 per litre, while diesel went up by ₹ 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.