Mumbai: Fuel prices on a roll, petrol crosses Rs 112 mark

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Petrol and diesel prices rallied to their highest ever levels across the country, as fuel rates were hiked again for the third consecutive day on Friday. Accordingly, the pump price of petrol in Delhi rose by 35 paise to its highest-ever level of Rs 106.89 a litre while diesel prices also rose by the same margin to Rs 95.62 a litre, according to a price notification of the state-owned fuel retailers.

In the financial capital Mumbai, petrol prices have now risen to Rs 112.79 per litre while diesel to Rs 103.7 3 a litre, the highest among all metros. The fuel prices remained static on Monday and Tuesday, but had risen for four straight days by 35 paise per litre previously before rising again for three consecutive days on Wednesday, Thursday and Friday. There was no change in rates on October 12 and 13.

Diesel prices have increased on 22 out of the last 28 days taking up its retail price by Rs 7.10 per litre in Delhi. With diesel prices rising sharply, 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. Petrol prices had maintained stability since September 5 but oil companies finally raised the pump prices last week. Petrol prices have also risen on 19 of the previous 24 days taking up its pump price by Rs 5.70 per litre.

Also read: UP Minister Upendra Tiwari says 95 per cent people do not need petrol

Crude prices have been on a surge rising over a three year-high level of over $ 85 a barrel now as global demand remains firm while OPEC+ continues to move slowly on increasing production. It has softened to just below $85 a barrel now. 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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