Fuel Prices October 1: Petrol, Diesel Prices Touch Record High Due To Rise In Crude Prices

The increase in global rates pushed state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL), and Hindustan Petroleum Corp Ltd (HPCL) to resume daily price revisions on September 24

Representative Photo

New Delhi: Petrol and diesel prices continue to rise unabated to touch all-time high on Friday after rates were hiked by 25 paise and 30 paise a litre respectively. In the national capital, petrol is costing Rs101.89 a litre and Rs107.95 per litre in Mumbai, according to a price notification of state-owned fuel retailers.

Diesel is being retailed at Rs90.17 a litre in Delhi and Rs 97.84 in Mumbai. The price of petrol in Kolkata is Rs 102.47 per litre and Rs93.27 per litre of diesel. The price of petrol in Chennai is at Rs 99.58 and Rs 94.74 per litre of diesel.

Petrol price in Chennai raised to Rs 99.58 from earlier Rs 99.36 a litre, and diesel is retailed at Rs 94.74 per litre in the city.

The petrol prices witnessed a hike for the third time that ended the three-week-long hiatus in rate revision and the fifth in the case of diesel. The increase in global rates is said to have pushed state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) to resume daily price revisions on September 24 and ending the pause in rates that came into effect from September 5.

Going by the five price increases since September 24, diesel rates have witnessed a rise by 1.25 paise per litre nullifying all the price reductions that happened between July 18 and September 5.

Global crude oil prices also reached a nearly three-year high as global output disruptions have forced energy companies to draw more crude oil out of their stockpiles. India is dependent on imports to meet nearly 85 per cent of its oil needs and so benchmarks local fuel rates to international oil prices.