Fuel prices hit record highs after another hike; petrol past Rs 105 in Delhi, Rs 111 in Mumbai

Petrol and diesel prices were increased again for a second time on Friday, October 15, after a two-day lull. With the latest hike, fuel rates have touched record high levels across the country. 

There were no changes in fuel rates on October 12 and 13. Petrol and diesel prices were raised by 35 paise per litre in Delhi, according to a price notification of state-owned fuel retailers.

Following the rate revision, petrol now costs Rs 105.14 per litre and diesel is priced at Rs 93.87 a litre in the national capital. 

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In Mumbai, petrol and diesel rates were hiked by 34 paise and 38 paise to cost Rs 111.09 per litre and Rs 101.78 a litre. 

In Kolkata, petrol is priced at Rs 105.76 per litre, while diesel costs Rs 96.98 respectively. 

In Chennai, a litre of petrol is retailing at Rs 102.40, whereas diesel is available at Rs 98.26 per litre. 
Among the four metro cities - Delhi, Mumbai, Chennai and Kolkata - fuel prices are the highest in Mumbai. The financial capital became the first metro city where petrol crossed the Rs 100 per litre mark.

In Bengaluru, petrol costs Rs 108.89 per litre, while diesel is priced at Rs 99.63 a litre. In Hyderabad, a litre of petrol is retailing at Rs 109.37, whereas diesel costs Rs 102.42 per litre.

This is the 14th time that petrol price has been hiked in two weeks while diesel rates have gone up on 17 times in three weeks.

Also Read: Petrol, diesel prices at record highs after two-day pause; check out latest rates

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

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 October 6 started passing on the larger incidence of cost to consumers.

This is because the international benchmark Brent crude has jumped to near $84 per barrel for the first time in seven years.

On September 13, Brent was trading at $73.51. 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 4.9 per litre and petrol price has increased by Rs 3.9.

Prior to that, 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.