Petrol and diesel prices rise again by 35 paise in metro cities

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Petrol and diesel prices rise again by 35 paise in metro cities
Fuel pricesTOI
Petrol and diesel prices rose again on Thursday after a two-day break, taking its retail rates to record high levels across the country.

Accordingly, in the national capital, petrol and diesel prices increased by 35 paise per litre to ₹104.79 per litre and ₹93.53 per litre respectively.

In India's financial capital, Mumbai, petrol became costlier by 34 paise per litre to ₹110.75 a litre on Thursday, the highest across all the four metro cities. Diesel also costs ₹101.40 for one litre in Mumbai.

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The price increase on Thursday has come after fuel prices remained static for the past couple of days.

Diesel prices have now increased 16 out of the last 20 days taking up its retail price by ₹4.90 per litre in Delhi. The price of diesel has increased between 20-30 paise per litre so far, but, since Wednesday last week it has been increasing by 35 paise per litre.

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.

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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 13 of the previous 16 days taking up the pump price by ₹3.60 per litre.

OMCs had preferred to maintain their watch prices on 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.

Crude prices have been on a surge rising over a three-year high level of over $ 83.7 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price both in the international market was higher by around $9-10 per barrel as compared to average prices during August.

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