After remaining constant for two days, the state-run oil marketing companies have hiked the prices of petrol and diesel on October 14, 2021.
According to the Indian Oil Corporation, the prices of petrol and diesel climbed up and were hiked by 35 paise per litre each in Delhi.
In the national capital, petrol and diesel were raised by Rs 0.35 to Rs 104.79 per litre and Rs 93.52 per litre, respectively. While in India’s financial capital, Mumbai, petrol rates were hiked by Rs 0.34 to Rs 110.75 per litre, and diesel by Rs 0.37 to Rs 101.4 per litre.
Similar trends were witnessed in other metro cities such as Chennai and Kolkata too. The rates of petrol and diesel stand at Rs 105.43 and Rs 96.63 per litre, respectively, in Kolkata. In Tamil Nadu’s capital, Chennai, petrol costs Rs 102.10 per litre and people have to shell out Rs 97.93 for a litre of diesel.
Prior to this, fuel rates saw a jump on October 11, 2021. Following the latest price revision, prices of petrol and diesel touched record highs across the country on October 14. Fuel prices are revised by OMCs like Indian Oil, Bharat Petroleum and Hindustan Petroleum based on international prices in the preceding 15 days and foreign stock exchanges.
OMCs had preferred to maintain their prices amid the global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for the last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.
Fuel prices saw a jump this month except for October 4, 12 and 13 and are soaring at an all-time high. On Monday, prices of petrol and diesel were increased by 30 paise per litre each. There was no change in the prices of petrol and diesel on Tuesday and Wednesday.