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Petrol, diesel prices at record high levels as rates hiked again

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Petrol, diesel prices at record high levels as rates hiked again
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New Delhi: Oil marketing companies hiked fuel rates across metros on October 7, sending the rates to a fresh all-time high.

The hike comes even as global oil showed signs of softening with benchmark Brent crude falling to just over $80 a barrel from previous days high of over $82 a barrel.

As per reports, diesel prices increased by 35 paisa in the national capital to Rs 91.77 per litre on Thursday while petrol prices increased by 30 paisa 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 paisa per litre so far but on Wednesday, they breached this mark with a 35 paisa 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. The surge has also taken the diesel prices closer to Rs 100 a litre in Mumbai.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week, given a spurt in product prices lately.

Petrol prices have also risen on eight of the previous 10 days taking up its pump price by Rs 2.05 per litre.

OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed them to effect the increase.

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TAGS:Petrol PriceDiesel Price
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