For the third day straight, fuel prices have been hiked on the back of a parallel rise in international crude prices. Currently in Delhi, the petrol prices are costing Rs 103.24 and diesel is being retailed at Rs 91.77 per litre, an increase by 30 and 35 paise from yesterday, respectively.
Petrol and diesel rates have increased 5 times so far in October. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates.
The highest fuel rates prevail in Mumbai among all metro cities, with Petrol costing ₹109.25 per litre and diesel priced at ₹99.55 per litre. In Kolkata, petrol has become costlier at ₹103.94 whereas diesel is being sold at ₹94.88. Whereas in Chennai, petrol price has been hiked to ₹100.75 and diesel is being retailed at ₹96.26.
Petrol has crossed the Rs 100-a-litre mark in Delhi, Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir, Odisha, Tamil Nadu, Ladakh, and some cities of Bihar and Punjab.
The increase in fuel prices was halted on September 5 for nearly a three weak hiatus. The daily rate revision was resumed from September 24, and fuel prices have been soaring ever since.
Petrol prices were pushed above the ₹100-a-litre mark in more than half of the country, along with diesel in a couple of states during the May-July period this year as well.
International benchmark Brent crude soared to $82.92 per barrel after the OPEC+ decided not to increase output more than 0.4 million barrels per day, despite the market energy shortages at various levels, leading to fuel rates increasing by a major proportion. As India imports fuels, keeping them in sync with international prices is essential. Yet, state-owned fuel retailers have in the past few days resorted to modest increases to align domestic rates with the international costs. International oil prices are currently the highest in nearly seven years.
Crude oil prices dropped on Thursday morning owing to increased US oil inventories.