Petrol, diesel prices rise again even as global oil softens
New Delhi, October 7, 2021
Prices of auto fuels petrol and diesel rose sharply on Thursday even though global oil showed signs of softening with benchmark Brent crude falling to just over $80 a barrel from the previous day's high of over $82 a barrel.
Diesel prices increased by 35 paise in the national capital to Rs 91.77 per litre on Thursday while petrol prices increased by 30 paise to Rs 103.24 a litre, according to the Indian Oil Corporation, the country's largest fuel retailer.
Diesel prices have now increased on 11 out of the last 14 days taking up its retail price by Rs 3.15 per litre in Delhi. The prices increased between 20-30 paise per litre so far but on Wednesday, they breached this mark with a 35 paise per litre increase, which was also seen on Thursday.
With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of Madhya Pradesh. This dubious distinction was earlier available to petrol that had breached Rs 100 a litre mark across the country a few months earlier. The surge has also taken diesel prices closer to Rs 100 a litre in Mumbai.
In Mumbai, the petrol price increased by 29 paise to reach Rs 109.25 per litre while diesel rates increased by 38 paise to Rs 99.55 a litre.
Across the country as well, petrol and diesel increased between 30-40 paise per litre but their retail rates varied depending on the level of local taxes in the state.
Fuel prices in the country have been hovering at record levels on account of 41 increases in their retail rates since April this year. They fell on a few occasions but largely remained constant.
After rising to a three-year-high level of over $ 82 a barrel, the global benchmark has now come down to about $ 80 a barrel. Since September 5, when both petrol and diesel prices were revised, the prices of petrol and diesel in the international market are higher by around $8-9 per barrel as compared to average prices during August.