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India

Fuel Prices Jump for 6th Straight Day

State-owned fuel retailers have since Wednesday started passing on the larger incidence of cost to consumers.

Representational Image (Courtesy: Pexels)

New Delhi: Petrol and diesel prices were hiked across the country for the sixth consecutive day on Sunday. In Delhi, the petrol price was hiked by 30 paise per litre, taking it to Rs 104.14.

The price of diesel in the national capital has gone up to Rs 92.82 per litre with the hike in price by Rs 0.35. In Mumbai, petrol is priced at Rs 110.12 per litre (up by Re 0.29) and diesel costs Rs 100.66 per litre (up by Re 0.37) today.

Shedding the modest price change policy, state-owned fuel retailers have since Wednesday started passing on the larger incidence of cost to consumers. For six days in a row, the price of petrol 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 USD 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 ago, Brent was around USD 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 Rs 3.85 paise per litre and petrol price has increased by Rs 2.65.

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

(With inputs from ANI and PTI)

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