Fuel Price Hike: Petrol, Diesel Rates Rise For 9th Time In 10 Days. Check Prices In Top Cities

The latest revision in fuel prices take the total increase in rates in the last 10 days to Rs 6.40 per litre

Petrol pump (Getty Image)

New Delhi: Oil marketing companies raised prices of fuel for ninth consecutive day Thursday by 80 paise per litre.  This takes the total increase in rates in the last 10 days to Rs 6.40 per litre.

The fuel prices were revised on March 22 after a four-and-half-month hiatus soon after elections.

Following revision in fuel rates, petrol and diesel in Delhi is costing Rs 101.81 per litre & Rs 93.07 per litre respectively on Thursday while the petrol and diesel prices are sold at Rs 116.72 and Rs 100.94 per litre paise) In Mumbai, according to the news agency ANI. Fuel prices have been hiked by 84 paise in Mumbai.

In Chennai, the price of petrol is Rs 107.45 (increased by 76 paise) & diesel is Rs 97.52 (increased by 76 paise) and in Kolkata, the price of petrol is Rs 111.35 (increased by 83 paise) and diesel is Rs 96.22 (increased by 80 paise).

Fuel rates across the state vary depending upon the incidence of local taxation.

Globally, oil futures dived more than $5 a barrel on Thursday morning on the back of news that the Biden administration is weighing releasing some 1 million barrels of oil per day from strategic reserves for several months in a bid to rein in soaring crude prices, according to Reuters.

Brent futures were down $4.71, or 4.2 per cent, to $108.58 a barrel and US West Texas Intermediate futures were down $5.45, or 5 per cent, to $102.74 a barrel at 0035 GMT.

Moody's Investors Services last week stated that state retailers together lost around Rs 19,000 crore ($2.25 billion) in revenue for keeping petrol and diesel prices on hold during the election period, according to a PTI report.

India is majorly dependent on imports with 85 per cent of oil being imported for meeting its oil needs. The retail rates are changed in tune with the movement in global prices.