Petrol price up for 7th straight day, diesel unchanged

Petrol, Diesel Price Today: Petrol prices were hiked for the seventh consecutive day today after a two-day pause across the country Monday. The latest increase that follows the unrelenting hike in international oil prices has pushed pump rates across the country to their highest-ever levels.

In the national capital, petrol rates soared 35 paise to ₹ 110.04; while diesel rate remained unchanged at 98.42 per litre, according to Indian Oil Corporation.

Petrol now costs 33.22 per cent more than the price at which aviation turbine fuel (ATF or jet fuel) is sold to airlines. ATF in Delhi costs 82,638.79 per kilo litre or roughly ₹ 82.6 per litre.

In Mumbai, a litre of petrol now costs ₹ 115.85, and diesel is sold at ₹ 106.62 per litre. Petrol prices in Chennai moved above the ₹ 106 per litre-mark and is currently sold at ₹ 106.66 per litre; while diesel rate stood at 102.59. Among the four metro cities, fuel rates are the highest in Mumbai, according to the state-run oil refiner. Fuel rates vary across the states due to value-added tax or VAT.

State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates.

Globally, oil prices rose as key producer group OPEC undershot its expected pace of output increases last month, while the world's top oil consumer China ramped up operating rates to meet a spike in diesel demand. Brent crude futures gained 28 cents, or 0.3 per cent, to $84.99 a barrel while U.S. West Texas Intermediate (WTI) crude futures rose by 19 cents, or 0.2 per cent, to $84.24 a barrel.

Meanwhile, the Central government is in talks with several oil-exporting countries on the issue of supply and demand of oils but there is no possibility of immediate relief in prices.