Fuel rates hiked again, diesel rises by highest margin

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Petrol and diesel prices on Thursday rallied to their highest-ever levels across the country, as fuel rates were hiked again for a second consecutive day by the highest margin so far this year of upto 45 paise a litre. According to a price notification of state-owned fuel retailers, the pump price of petrol in Delhi rose by 35 paisa to its highest-ever level of Rs 106.54 a litre while diesel prices rose by its highest margin so far this year of 45 paisa to Rs 95.27 a litre.

In the financial capital Mumbai, petrol prices have now risen to Rs 112.45 per litre while diesel to Rs 103.36 a litre, the highest among all metros. In terms of price movement, diesel rates have increased on 21 out of the last 27 days taking up its retail price by Rs 6.75 per litre in Delhi. The fuel is now available at over Rs 100 a litre in several parts of the country.

This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier. Besides, petrol prices which had maintained stability since September 5 were finally raised last week. Consequently, the petrol prices were raised on 18 of the previous 23 days taking up its pump price by Rs 5.35 per litre.

Crude price has been on a surge rising over three year high level of over $85 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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