Petrol prices on Thursday were raised by 25 paise per litre while diesel rates increased by 30 paise per litre across several metro cities in India, PTI reported.
This is the second time in two days that fuel prices have been revised. The petrol and diesel prices were hiked by 25 paise and 27 paise, respectively, on September 28, Moneycontrol reported.
The two consecutive hikes took the petrol prices close to the record high in July. At that time, petrol in Delhi had cost Rs 101.84 and Rs 107.83 in Mumbai.
As of Thursday, petrol cost Rs 101.64 per litre in Delhi and Rs 107.71 per litre in Mumbai. Diesel cost Rs 89.87 per litre in Delhi and Rs 97.52 in Mumbai.
Diesel rates have gone up by Rs 1.25 per litre since September 24.
The increase is fuel prices came after a rise in international oil prices that are at a three-year high. A barrel of crude oil is selling at $78.64 (approximately Rs 5,841) on the Brent benchmark.
Brent is a global price benchmark for the crude oils from the Atlantic basin. It is used to set the price of two-thirds of the world’s crude oil trade supplies.
India depends on imports to meet 85% of its oil needs. Thus, a rise in international oil prices directly influences national fuel rates.
When international oil rates had fallen in July and August, petrol prices in Delhi were reduced by Rs 0.65 and diesel prices by Rs 1.25 per litre.
Between May and July, the price of petrol increased by Rs 11.44 a litre and diesel by Rs 9.14. In this period, the crude oil prices steadily escalated from $65.15 on May 4 to $75.39 on July 13.
Bharat Petroleum on Tuesday had said that crude oil will be in the $70 to $85 (approximately Rs 5,199 to Rs 6,313) till March 2022, Bloomberg Quint reported.
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