Petrol and diesel prices increased again on Wednesday, October 27, after a two-day break as global oil prices failed to relent and continued to remain firm. Accordingly, the pump price of petrol in Delhi increased by 35 paise per litre to jump to Rs 107.94 a litre, while diesel prices also increased by the same margin to reach Rs 96.67 a litre, according to a price notification of state-owned fuel retailers.
In the financial capital Mumbai, petrol price has now risen to Rs 113.80 per litre while diesel to Rs 104.8 a litre, the highest among all metros.
Across the country as well petrol and diesel prices increased between 35-40 paise per litre, but their retail rates varied depending on the level of local taxes on petroleum products.
The fuel prices remained static last week on Monday and Tuesday but had risen for four straight days by 35 paise per litre previously before again rising for five consecutive days between Wednesday and Sunday. It remained static again on Monday and Tuesday before rising again on Wednesday. There was no change in rates on October 12 and 13.
Diesel prices have now increased for 25 of the last 33 days taking up its retail price by Rs 8.15 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 and this week gave a spurt in the product prices lately. Petrol prices have also risen on 22 of the previous 29 days taking up its pump price by Rs 6.75 per litre.
Crude prices have been on a surge, rising over three year high levels of over $86 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.