Petrol price on October was hiked by 30 paise a litre and diesel by 35 paise per litre as domestic fuel prices witnessed possibly the largest rally in rates.
The price of petrol in Delhi rose to its highest-ever level of ₹103.54 a litre and to ₹109.54 per litre in Mumbai, according to a price notification of State-owned fuel retailers.
Diesel rates too touched a record high of ₹92.12 in Delhi and inched closer to the 100-a-litre mark in Mumbai. It currently costs ₹99.92 a litre in Mumbai.
Prices differ from State to State depending on the incidence of local taxes.
Shedding its modest price change policy, State-owned fuel retailers have since October 6 started passing on the larger incidence of cost to consumers. For three days in a row, petrol price has been hiked by 30 paise a litre and diesel by 35 paise— the biggest rally in rates.
This is because the international benchmark Brent crude has soared to over $82 per barrel after the decision by OPEC+ not to increase output more than 0.4 million barrels per day, fuel rates are being increased by a larger proportion.
A month back, Brent was around $72 per barrel.
Being a net importer of oil, India prices petrol and diesel at rates equivalent to international prices.
The surge in international oil prices ended a three-week hiatus in rates on September 28 for petrol and September 24 for diesel.
Since then, diesel rates have gone up by ₹3.5 paise per litre and petrol price has increased by ₹2.35.
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.
