Economy

Petrol, diesel price hiked again

PTI New Delhi | Updated on October 16, 2021

Diesel crosses ₹100-mark in a dozen States and UTs

Petrol and diesel prices on Saturday were hiked again by 35 paise a litre to take retail rates across the country to new record highs.

With this hike, petrol is now at the ₹100-a-litre mark or more in all State capitals, while diesel has touched the ₹100-level in a dozen States. Diesel is nearing the ₹100-a-litre mark in Goa and Bengaluru.

The price of petrol in Delhi rose to its highest-ever level of ₹105.49 a litre, and Mumbai saw ₹111.43 per litre, according to a price notification of State-owned fuel retailers.

In Mumbai, diesel now comes for ₹102.15 a litre; while in Delhi, it costs ₹94.22.

This is the third straight day of 35 paise per litre hike in petrol and diesel prices. There were no change in rates on October 12 and 13.

While the petrol price in most of the country is already above the ₹100-a-litre mark, diesel rates have crossed that level in a dozen States and UTs — Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Chattisgarh, Bihar, Kerala, Karnataka and Ladakh.

In Panaji, diesel now costs ₹99.56 a litre while in Bengaluru it comes for ₹99.97 per litre and in Silvassa for ₹99.86.

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

International price rise

Shedding the modest price change policy, State-owned fuel retailers have, since October 6, started passing on a larger incidence of cost to consumers.

This is because the international benchmark Brent crude is trading at $84.8 per barrel for the first time in seven years. A month ago, Brent was trading at $73.51.

Being a net importer of oil, India prices petrol and diesel at rates equivalent to international prices.

Also see: BPCL sale: Centre allows 100% foreign investment

The surge in international oil prices ended a three-week hiatus in rates on September 28 for petrol and September 24 for diesel. This is the 15th increase in the petrol price and the 18th increase in diesel rates.

Since then, diesel rates have gone up by ₹5.6 per litre and petrol price has increased by ₹4.30 a litre.

Prior to that, petrol price was increased by ₹11.44 a litre between May 4 and July 17. Diesel rate had gone up by ₹9.14 a litre during this period.

Published on October 16, 2021

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