Diesel crosses ₹100 mark in Mumbai, fuel prices hiked again

By PTI
This fifth straight day of price hike has pushed fuel rates to a new record high. (Source: VEDHAN M)

Mumbai on Saturday became the first metro city in the country to see diesel prices cross the ₹100 per litre mark after fuel prices were hiked again.

Petrol price was hiked by 30 paise per litre and diesel by 35 paise per litre, according to a price notification of the state-owned fuel retailers.

This fifth straight day of price hike has pushed fuel rates to a new record high.

In Mumbai, diesel now comes for ₹100.29 a litre; while in Delhi it costs ₹92.47.

The price of petrol in Delhi rose to its highest-ever level of ₹103.84 a litre and ₹109.83 per litre in Mumbai, the notification showed.

Prices differ from state to state depending on the incidence of local taxes.

Shedding the modest price change policy, the state-owned fuel retailers have, since Wednesday, have started passing on the larger incidence of cost to the consumers.

For four days in a row, the price of petrol has been hiked by 30 paise per litre and diesel by 35 paise per litre, the biggest rally in rates.

This is because the international benchmark Brent crude has soared to over USD 82 per barrel after the decision by OPEC+ not to increase output by more than 0.4 million barrels per day. Fuel rates are being increased by a larger proportion.

A month ago, Brent was around USD 72 per barrel.

Being a net importer of oil, India prices petrol and diesel at rates equivalent to the international prices.

The surge in international oil prices ended a three-week hiatus in rates on September 28 for petrol and on September 24 for diesel.

Since then, diesel rates have gone up by ₹3.85 paise per litre and petrol price has increased by ₹2.65.

Prior to the July/August price cuts, the petrol price was increased by ₹11.44 a litre between May 4 and July 17. Diesel rate had gone up by ₹9.14 during this period.


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