Petrol, diesel prices hiked for second straight day

Petrol, Diesel Price Today: Petrol and diesel prices today have reached yet another record level after oil companies hiked the rates for the second consecutive day this week. Prices of both petrol and diesel have gone up by more than 30 paise for every litre across the country.

Till Sunday, in four back-to-back hikes, the fuel prices had hit an all-time high after rise in global crude oil rates.

In the national capital, petrol and diesel rates soared 35 paise to cost ₹106.54 and ₹95.27 per litre respectively, according to Indian Oil Corporation.

Petrol now costs around 35 per cent more than the price at which aviation turbine fuel (ATF or jet fuel) is sold to airlines. ATF in Delhi costs Rs 79,020.16 per kilo litre or roughly Rs 79 per litre.

In Mumbai, a litre of petrol now costs Rs 112.44, and diesel is sold at Rs 103.26 per litre. Petrol prices in Chennai breached the Rs 103 per litre-mark and is currently sold at Rs 103.61 per litre; while diesel rates stood at Rs 99.59. 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. Any changes in petrol and diesel prices are implemented with effect from 6 am every day.

Globally, oil prices climbed and were near multi-year highs as an energy supply crunch continued across the globe. Brent crude rose 0.21 per cent to $86.04 a barrel. U.S. West Texas Intermediate (WTI) futures rose 1.10 per cent to $83.87.