Fuel prices surged again by 35 paise per litre after a two-day break

Petrol and diesel prices increased again on Wednesday after a two-day break as global oil prices failed to relent and continued to remain firm.

Accordingly, the pump price of petrol in Delhi increased by 35 paise per litre to jump to ₹107.94 a litre while diesel prices also increased by the same margin to reach ₹96.67 a litre, according to a price notification of state-owned fuel retailers.

In the financial capital Mumbai, petrol prices have now risen to ₹113.80 per litre while diesel to ₹104.8 5 a litre, the highest among all metros.

Across the country as well petrol and diesel prices increased between 35-40 paise per litre, but their retail rates varied depending on the level of local taxes on petroleum products.

The fuel prices remained static last week on Monday and Tuesday, but had risen for four straight days by 35 paise per litre previously before again rising for five consecutive days between Wednesday and Sunday. It remained static again on Monday and Tuesday before rising again on Wednesday. There was no change in rates on October 12 and 13.

Diesel prices have now increased for 25 of the last 33 days taking up its retail price by ₹8.15 per litre in Delhi.

With diesel prices rising sharply, the fuel is now available at over ₹100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed ₹100 a litre-mark across the country a few months earlier.

Petrol prices had maintained stability since September 5, but oil companies finally raised the pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 22 of the previous 29 days taking up its pump price by ₹6.75 per litre.

Crude prices have been on a surge rising over three year high level of over $ 86 a barrel now as global demand remains firm while OPEC+ continues to move slowly on increasing production. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

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