No respite for common man as fuel prices hit record high again

Petrol, Diesel Price Today: Petrol and diesel prices hit a new high across the country on Saturday as the fuel price hiked for the fifth consecutive day, ranging from 26 paise to 35 paise.

In the national capital, petrol price rose 30 paise per litre and diesel was hiked by 35 paise per litre. The prices of petrol and diesel have crossed the Rs 100 per litre mark in many states, pinching the common man's pocket.

In Delhi, petrol is retailing at Rs 103.84 per litre and diesel is available at Rs 92.47 per litre after the latest price revision. On the other hand, in India's financial capital, Mumbai, petrol became costlier by 29 paise per litre and its rate stands at Rs 109.83.

Diesel costs Rs 100.29 for one litre in Mumbai, a hike of 37 paise.

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.

Similarly, in Chennai, petrol price was increased by 26 paise per litre and is retailing at Rs 101.27 and diesel can be bought at Rs 96.93 per litre, an increase of 33 paise. The rates of petrol and diesel stand at Rs 104.52 and Rs 95.58 per litre in Kolkata, respectively. The fuel rates went up a record high on Saturday across the country after the latest revision by the state-run oil marketing companies (OMCs).

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. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.

On Friday, October 8, Brent crude futures, the global oil benchmark, advanced 0.76 per cent to $ 82.57 per barrel. The rupee slumped 20 paise to settle at 74.99 (provisional) against the U.S. dollar amid rising crude oil prices which weighed on investor sentiment, even as the domestic equities registered gains.